New Delhi: India is preparing to explore nearly 2.5 lakh sq km of new offshore and onshore acreage under one of the world’s largest bidding rounds, Petroleum and Natural Gas Minister Hardeep Singh Puri said during a series of bilateral and business meetings held at the 9th OPEC International Seminar in Vienna.
During his interaction with Kuwaiti Oil Minister Tareq Sulaiman Al-Roumi, Puri discussed ways to strengthen bilateral energy ties. Kuwait is India’s sixth-largest source of crude oil, fourth-largest source of LPG, and eighth-largest hydrocarbon trade partner.
In a separate meeting with Nigeria’s Minister of State for Petroleum Resources Heineken Lokpobiri, Puri explored opportunities to expand hydrocarbons trade. The discussion followed their previous engagement in Davos in 2024. Indian refiners have been consistent buyers of Nigerian crude.
The minister also met Shell CEO Wael Sawan to discuss potential collaborations in light of India’s exploration and production plans. “Under the leadership of Prime Minister Shri Narendra Modi, India is set to explore nearly 2.5 lakh square kilometres in new offshore and onshore areas,” Puri said. He added that India’s target to raise the share of natural gas in its energy mix from 6% to 15% offers scope for partnerships in advanced technologies.
Puri met OPEC Secretary General Haitham Al Ghais to discuss India’s ties with the grouping and the need to maintain a balanced and predictable oil market amid ongoing geopolitical uncertainties. India is the world’s third-largest oil importer.
The minister also held talks with bp CEO Murray Auchincloss to discuss the company’s ongoing and future participation in India’s upstream and downstream sectors. bp has been active in the country through its involvement in the OALP bidding rounds and joint ventures in retail, natural gas, and compressed biogas. The company also operates a global business and technology centre in Pune.
In another meeting with Vitol Group CEO Russel Hardy, Puri reviewed current global energy market conditions and discussed potential areas of cooperation across the hydrocarbons value chain.
Responding to questions on India’s crude oil imports from Russia, Puri said, “Russia produces over 9 million barrels per day. If, out of global oil supplies of around 97 million barrels, 9 million barrels had suddenly vanished, the entire world would have had to reduce consumption by over 10%, which is impossible.”
He clarified that Indian companies have not bought any sanctioned Russian cargoes. “Russian oil was never under global sanctions… It was only placed under a price cap,” he said.
Puri said India had contributed to global price stability. “Even as global prices of LPG soared last year, Prime Minister ensured that our 330 million households continued to receive clean cooking gas at one of the lowest prices globally,” he added.>
