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Highlights of 2nd Edition of India Energy Week held in Goa – 6th to 9th February 2024

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India Energy Week 2024 from 6th to 9th FebruaryThe 2nd edition of India Energy Week (IEW 2024) was held from 6th to 9th February 2024 at the Institute of Petroleum Safety, Health and Environment Management (IPSHEM)-Oil and Natural Gas Corporation (ONGC) Training Institute, South Goa, Goa.

  • The IEW 2024 was organised by the  Ministry of Petroleum and Natural Gas (MoPNG) in collaboration with the Federation of Indian Petroleum Industry (FIPI).

IEW 2024 Inauguration: 

Prime Minister(PM) Narendra Modi inaugurated the IEW 2024 at IPSHEM-ONGC Training Institute, Goa during his visit to Goa on 6th February 2024.

Key Dignitaries: P.S. Sreedharan Pillai, Governor of Goa, Pramod Sawant, Chief Minister(CM) of Goa and Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas participated in the event.

About IEW 2024:

i.IEW 2024 is India’s largest energy exhibition and conference. It aims to bring together the entire energy value chain and will help to achieve India’s energy transition goals.

ii.IEW 2024 marked the presence of over 35000 attendees, 350 exhibitors, 400 speakers and more than 4,000 delegates from over 100 countries.

Note: The 1st edition of IEW was held in Bengaluru, Karnataka from 6th to 8th February 2023, as a part of the G20 (Group of 20) events.

IEA Report: India set to become Largest Source of Global Oil Demand Growth from 2023 to 2030

The International Energy Agency (IEA) released a report titled “Indian Oil Market Outlook to 2030” at IEW 2023. The report stated that India is set to become the single largest source of global oil demand growth from 2023 to 2030.

  • Between 2023-2030 (forecast period), India accounts for more than one-third of global oil demand growth.

Note: At present, China is the biggest driver of oil demand in the world and India ranks second in growth.

Highlights of the report: 

i.The report stated that India’s oil demand will rise from 5.48 million barrels per day (mb/d)  in 2023 to 6.64 (mb/d) in 2030.

ii.India’s oil demand is set to rise by about 1.2 mb/d by 2023. This accounts for more than one-third of the projected 3.2 mb/d global gains.

iii.It mentioned that India will replace China and will become the biggest driver of global oil demand in 2027.

iv.Transportation and industry consumption will be the major contributor for India’s demand growth for oil despite India’s call for clean energy and electrification.

v.India currently is the 3rd largest consumer of oil after the United States of America (USA) and China.

  • It imports 85% of its oil needs and this dependence is likely to rise as domestic production falls. Diesel accounts for about 50% of Indian gains and 20% of global demand growth to 2030.

NITI Aayog & Netherlands released “LNG as a Transportation Fuel in Medium and Heavy Commercial Vehicle’ Report

NITI Aayog(National Institution for Transforming India) and the Embassy of the Kingdom of the Netherlands released a report titled “LNG(Liquefied Natural Gas) as a transportation fuel in Medium and Heavy Commercial Vehicle” at IEW 2024 held in Goa.

  • The report was jointly released by Suman Bery, Vice Chairperson, NITI Aayog(India) and Fredrik Wisselink, Energy Envoy, Ministry of Economic Affairs and Climate Policy(Netherlands).


i.In 2020, India and The Netherlands signed a Statement of Intent (SoI) on decarbonization and energy transition agenda for accommodating cleaner and more energy.

ii.This report is the first outcome of the cooperation between India and the Netherlands.

Key Points:

i.The report highlighted policies which will help in achieving a 15% gas share in the primary energy supply and also the goal of Net Zero by 2070.

ii.The report focuses on making LNG as a fuel source and customizing its use in the medium and commercial vehicle segment.

iii.The report explores the obstacles to LNG adoption in India and suggests a roadmap with feasible solutions to overcome these obstacles.

India Renews USD78 billion Qatar LNG Deal

On the sidelines of IEW 2024, India signed the biggest-ever deal worth USD 78 billion to extend LNG imports from Qatar for 20 years from 2029 to 2048 at lower than current rates. This will save an estimated USD 6 billion over the life of the contract.

The deal was signed between Petronet LNG Limited (PLL) of India and QatarEnergy to extend the deal to buy 7.5 million tonnes a year of gas for producing electricity, making fertilizer and converting to CNG (Compressed Natural Gas).


i.PLL is a Public Limited Company (PSU) in the Indian energy sector formed by the Government of India to import LNG.

ii.QatarEnergy, formerly Qatar Petroleum, is a state-owned petroleum company of Qatar.

Points to Note: 

At Present, PLL imports 8.5 million tonnes a year of LNG from Qatar under 2 contracts.
i.The first deal for 7.5 million tonnes was signed in 1999 and started supply in 2004. The 25-year deal is to expire in 2028 and has been extended for 20 additional years.

ii.The 2nd deal for 1 million tonnes a year, came into effect in 2015.


i.By renewing the deal at a much lower price, India will be able to save about USD 0.8 million British thermal units at the renewed terms. This will further help to save USD 6 billion over the contract period.

ii.GoI aims to increase the share of natural gas in India’s energy mix from 6.3 % (at present) to 15% by 2030.

iii.Renewal deal will help Qatar (the world’s 2nd largest LNG exporter) to expand its liquefaction capacity from 77 million to 126 million tonnes per year by 2027.

BPCL Unveils India’s 1st Indigenous Alkaline Electrolyser

Bharat Petroleum Corporation Limited (BPCL),  a Maharatna PSU under the MoPNG, unveiled the 1st indigenous alkaline electrolyser in India at IEW 2024 in Goa.

  • PM Modi present at the event reviewed the operation of the electrolyser. He was accompanied by G. Krishnakumar, Chairman and Managing Director (MD) of BPCL.

Key Points:

i.It is developed in partnership with Bhabha Atomic Research Centre (BARC), India’s premier nuclear research facility headquartered in Mumbai, Maharashtra.

ii.Alkaline water electrolyser will enhance hydrogen production. It will help India to produce 5 million tons of green hydrogen by 2030.

iii.BPCL aims to establish a 5 Megawatt(MW) green hydrogen plant at Bina refinery and a 500 Kilowatt(KW) capacity Integrated Hydrogen Refueling Station at CIAL(Cochin International Airport Limited), Kerala.

iv.The Indigenous production will give a boost to India’s “Aatma Nirbhar Bharat” and “Vocal for Local” campaign.

ONGC inked pact with French company, Total Energies to curb methane emissions

On the sidelines of IEW 2024, ONGC, an Indian PSU under MoPNG, signed a cooperation agreement with French company, Total Energies to carry out methane emissions detection and measurement campaigns using TotalEnergies’ AUSEA (Airborne Ultralight Spectrometer for Environmental Applications) technology.

Signatories: The agreement was signed by Dr. Sangkaran Ratnam, Country Chair of TotalEnergies in India and Sushma Rawat, Director (Exploration) of ONGC.

Key Points: 

i.The AUSEA technology will support ONGC’s efforts to achieve zero methane emissions by 2038. ONGC aims to reduce its methane emission by 50% by 2027 and 80% by 2030 compared to 2020 levels.

ii.The AUSEA gas analyzer mounted on a drone is capable of detecting methane (CH4) and carbon dioxide(CO2) emissions and their source.

Note: ONGC and Total Energies are parties of the Oil and Gas Decarbonization Charter (OGDC), a global industry initiative launched at COP28 in Dubai, the United Arab Emirates(UAE).

ONGC & NGEL signed a JV Agreement to set up offshore wind energy projects

On 7th February 2024, ONGC and NTPC Green Energy Limited (NGEL) signed a Joint Venture Agreement (JVA) to set up offshore wind energy projects

Signatories: The agreement was signed by Mohit Bhargava,Chief Executive Officer(CEO), NGEL and Satish Kumar Dwivedi, Executive Director, ONGC during IEW 2024.

Key People: The agreement was signed in the presence of Union Minister Hardeep Singh Puri, MoPNG, Arun Kumar Singh, Chairman and CEO of ONGC and Gurdeep Singh, Chairman and Managing Director(MD) of National Thermal Power Corporation(NTPC).

Key Points:

i.This collaboration aims to lead renewable energy initiatives, both domestically and internationally.

ii.The agreement also extends to explore in storage, e-mobility, carbon credits, and green hydrogen business, including derivatives like Green Ammonia and Green Methanol.

IGL signed MoU with technology partners to set up 19 Compressed Biogas Plants 

Indraprastha Gas Limited (IGL) has signed a memorandum of understanding (MoU) with two technology partners to set up 19 Compressed Biogas (CBG) Plants across Delhi, Haryana, Rajasthan, and Uttar Pradesh(UP).

  • The 19 plants with varying capacities will be established at an estimated cost of Rs 1200 crore. 

Note: IGL has also empanelled two other partners for the same purpose.

Points to note: 

i.The partnership aims to produce 0.45 MMSCMD (Million Metric Standard Cubic Meters per Day) of biogas from waste equivalent to around 5% of IGL’s daily requirements.

ii.The biogas produced from these 19 plants shall be fed into IGL’s city gas distribution network.

Key People: The MoUs were signed in the presence of Praveen Mal Khanooja, Additional Secretary, MoPNG, K.K. Chatiwal, Managing Director of IGL and Pawan Kumar, Director (Commercial) of IGL.

EESL signed MoU with LAHDC & Vidhya Pratishtan

Energy Efficiency Services Limited (EESL), a JV of PSUs under the Ministry of Power, has signed MoUs with Ladakh Autonomous Hill Development Council (LAHDC), Leh (Ladakh) and Vidhya Pratishtan to formulate a framework for longstanding collaboration in key areas of energy efficiency.

The MoU with LAHDC is valued at Rs 300 crore and the MoU with Vidhya Pratishthan is valued at Rs 200 crore. 

Details of the deal:


The MoU with LAHDC will provide space heating solutions across different locations in the Union Territory (UT) of Ladakh by using heat pump technology.

ii.These MoUs focus on energy efficiency which includes: lighting, clean cooking, space heating, renewable, e-mobility, cooling and consultancy.

BPCL launched “Pure for Sure” initiative

During IEW 2024 in Goa, Union Minister Hardeep Singh Puri launched the Bharat Petroleum Corporation Limited (BPCL)’s  “Pure for Sure” initiative to transform the LPG(Liquefied petroleum gas) cylinder delivery system in India.

About Pure for Sure initiative:

i.The initiative aims to eliminate inefficiencies in last-mile delivery and ensure reliability, transparency and excellence in customer service.

ii.It includes a tamper-proof seal with QR codes on the cylinder which will provide the gross weight of the cylinder to the customer at the time of filling.

iii.The initiative will support the distribution channel by offering Artificial Intelligence(AI) based route optimisation.

Note: BPCL also plans to introduce delivery women in the LPG ecosystem.

PLL announced to supply gas to Sri Lanka

On the sidelines of IEW 2024 in Goa, Akshay Kumar Singh, MD and CEO of Petronet LNG Limited (PLL) announced its plan to supply Liquefied Natural Gas (LNG) to Sri Lanka.

Petronet is committed to delivering 850 tonnes of gas daily through containers for 5 years, beginning in 2025.

i.It will be utilized to run power plants with 300 MW capacity in Sri Lanka.

ii.Petronet also plans to establish a Floating Storage Re-gasification Unit (FSRU) by 2028 in Sri Lanka with an estimated cost of Rs2500 crore.

OVL in advanced talks with Venezuela for oil cargoes

ONGC Videsh Limited(OVL), the international arm of ONGC, is in advanced negotiations with the Government of Venezuela to secure further oil cargoes in lieu of unpaid dividends worth USD 600 million.

Note: OVL holds a 40% stake in the San Cristobal field located in eastern Venezuela’s Orinoco Heavy Oil belt. the remaining stakes are held by Petróleos de Venezuela, S.A. (PDVSA), a Venezuelan state-owned oil and natural gas company.

1st edition of the International Conference of Petroleum and Natural Gas Regulator held in Goa

Petroleum and Natural Gas Regulatory Board(PNGRB) organised 1st edition of the International Conference of Petroleum and Natural Gas Regulator from 5th February to 8th February 2024 during IEW 2024 in Goa.

Theme: “Navigating Pathways for Natural Gas Development”.

Key Highlights:

i.S&P Global Commodity Insights was the knowledge partner for the conference.

ii.The conference witnessed the presence of South and Southeast Asian national regulatory authorities from Bangladesh, Indonesia, Malaysia, Sri Lanka and Thailand.

iii.During the conference, discussions were held on a wide range of topics such as: geopolitical uncertainties impacting energy security, rapid infrastructure development, Public-Private Partnerships(PPP) and institutional growth.

iv.While addressing the conference, Union Minister Hardeep Singh Puri emphasized on PM’s vision to raise the share of natural gas from 6% to 15% in the energy mix in India.

Delhi to host IEW in 2025:

The 2nd edition of IEW 2024 concluded successfully in Goa. This year IEW saw a 30% increase in exhibitors compared to 2023.

i.Union Minister Hardeep Singh Puri announced that the next edition of IEW(IEW 2025) will be held at Yashobhoomi, the International Convention and Expo Centre in New Delhi, Delhi from 11th to 14th February 2025.

ii.IEW 2026 is set to be hosted at IPSHEM-ONGC training institute, Goa.

About Ministry of Petroleum and Natural Gas (MoPNG):
Union Minister– Hardeep Singh Puri(Rajya Sabha- Uttar Pradesh)
Minister of State (MoS)– Rameswar Teli (Lok Sabha- Dibrugarh, Assam)

About Goa:
Chief Minister (CM)– Pramod Sawant
Governor– P.S. Sreedharan Pillai
Capital– Panaji
Wildlife Sanctuary– Bhagwan Mahavir Wildlife Sanctuary; Cotigao Wildlife Sanctuary