Hardeep Singh Puri Inaugurates GEO India 2024, Emphasizes Energy as Backbone of Economic Growth

Highlighting India’s surging energy needs, Shri Puri underscored the nation’s critical role in driving global energy demand.

Greater Noida hosted the inauguration of GEO India 2024 today, South Asia’s premier geosciences conference and exhibition. Union Minister of Petroleum & Natural Gas, Shri Hardeep Singh Puri, delivered a keynote address at the sixth edition of the event, themed “Exploring New Dimensions of Energy Dynamics.” The event brought together industry leaders, policymakers, and geoscientists to discuss the transformative role of energy in shaping India’s future.

Energy: The Cornerstone of India's Growth

Highlighting India’s surging energy needs, Shri Puri underscored the nation’s critical role in driving global energy demand. “Energy today has become the spinal cord for economic growth and development,” he said, noting that India accounts for 25% of the projected global energy consumption growth over the next two decades. With over 67 million daily visits to petrol pumps, the scale of India’s fuel demand surpasses global averages by threefold.

Untapped Potential in Energy Exploration

Shri Puri highlighted the vast untapped potential within India’s 3.4 million square kilometers of sedimentary basins, which hold 651.8 million metric tons of recoverable crude oil and 1,138.6 billion cubic meters of natural gas reserves. Since 2014, the government has increased the explored sedimentary basins from 6% to 10%, with plans to reach 16% by 2025 and 1 million square kilometers by 2030.

Recent reforms have reduced bureaucratic barriers in exploration activities. Approval processes have been streamlined from 37 to 18, with nine approvals now available via self-certification. Shri Puri also cited the 2024 Oilfields (Regulation and Development) Amendment Bill as a pivotal step, introducing international arbitration, extending lease terms, and ensuring policy stability.

Opening the "No-Go" Zones

The Minister spotlighted the reduction of “No-Go” zones in India’s Exclusive Economic Zone (EEZ) by 99%, unlocking new opportunities for exploration. A historic milestone was achieved in the ninth round of the Open Acreage Licensing Policy (OALP), offering 136,596 square kilometers of exploration area across 28 blocks, 38% of which were previously off-limits. The bidding round attracted 60 bids, reflecting growing interest from both Indian and international companies.

Advancing Energy Security with Technology and Innovation

To bolster exploration, the government has focused on enhancing data accessibility through initiatives like the National Seismic Programme (NSP) and offshore EEZ surveys. Shri Puri announced a new data center at the University of Houston, providing global energy firms with easier access to India’s geological data.

The government is also fostering collaboration between stakeholders through a Joint Working Group (JWG) that includes private E&P companies, National Oil Companies, and regulatory bodies. This initiative aims to address industry challenges and improve the ease of doing business.

Pioneering Green Hydrogen and Sustainable Energy

Shri Puri stressed India’s ambition to become a global leader in green hydrogen production. Projects focused on hydrogen blending in natural gas pipelines, indigenization of electrolyser technologies, and developing bio-pathways for hydrogen production are underway. These efforts are part of India’s roadmap to become a green hydrogen hub, aligning with its commitment to sustainable energy solutions.

GEO India 2024: A Hub of Innovation and Collaboration

The three-day event is expected to host over 2,000 participants, featuring 20 conference sessions, 4 plenary discussions, and 200+ technical papers. The exhibition will showcase cutting-edge technologies at over 50 booths.

In his concluding remarks, Shri Puri expressed confidence in the geoscience community’s ability to lead an energy revolution in India. “I have great faith in the innovative minds of geoscientists to ensure energy security for every citizen and meet future challenges,” he said.

Shri Puri called upon participants to embrace sustainability, innovation, and collaboration to address energy challenges while driving India’s growth trajectory.