On October 26, 2020, Prime Minister Narendra Modi Inaugurated the 3 day 4th Edition of India Energy Forum by CERAWeek (Cambridge Energy Research Associates). CERAWeek is a global platform to understand best-practices, discuss reforms, and inform strategies for accelerating investments into Indian Oil and Gas value chain.
The Theme of 2020 edition is “India’s Energy Future in a world of Change”.
It is hosted by IHS Markit, a world leader in critical information, analytics and solutions. This is the fifth such event organized by NITI Aayog and Ministry of Petroleum and Natural Gas.
i.The event will convene an International group of Speakers and a community of over thousand delegates from India and over 30 countries.
ii.The list of speakers at the event includes Union Minister of Petroleum and Natural Gas and Minister of Steel, Dharmendra Pradhan, Abdulaziz bin Salman Al Saud, Minister of Energy, Kingdom of Saudi Arabia and Dan Brouilette, US (United States) Secretary of Energy.
iii.Around 45 Chief Executive Officers (CEOs) of Major Oil and Gas companies attended the event.
i.The Prime Minister stated that India is well on track to increase the installed renewable energy capacity to 175 GW (GigaWatts) by 2022, it has been extended to 450 GW by 2030.
ii.Increasing Domestic Gas Production is a key government priority of the Government of India, it will be achieved through ‘One Nation One Gas Grid’ to shift the nation towards a gas-based economy.
iii.India to grow oil refining capacity to 450 million tonnes by 2025 from current 250 million tonnes.
iv.India which is the world’s third-largest energy consumer will see an investment of over USD 300 Billion by 2030 in the oil and gas sector to meet the rising demand.
v.India is the third largest and the fastest growing aviation market in terms of domestic aviation and Indian carriers are projected to increase their fleet size from 600 to 1200 by 2024.
v.Prime Minister stated that India’s energy map will have seven key drivers
- Accelerating efforts to move towards gas-based economy
- Cleaner use of fossil fuels particularly petroleum and coal
- Greater reliance on domestic sources to drive biofuels
- Achieving the renewable target of 450 GW by 2030
- Increasing contribution of electricity to decarbonize mobility
- Moving into emerging fuels including hydrogen
- Digital Innovation across all energy systems
Union Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan’s participation:
i.Shri Dharmendra Pradhan invites Global Oil & Gas and Other Energy Majors to Partner India in its Multi-Pathway Energy Transition.
ii.During the event, Shri Pradhan had launched the book “The New Map” by Dr. Yergin.
India Energy Forum:
i.It is an Indian Organization which represents the energy sector as a whole.
ii.It was established in October 2001 and has its headquarters at New Delhi and most of the major public and private sector organizations in Power, Oil and Gas, Coal and Renewable Energy have become its members.
iii.It serves as a catalyst for the development of a sustainable and competitive energy sector in India.
CERAWeek by IHS Markit has become the world’s premier energy event, it was established in 1983 at Cambridge.
Recent Related News:
i.On May 11, 2020, The ministry of petroleum and natural gas has set up a 6-member panel to review the existing Production Sharing Contracts (PSCs) due to the fall in crude oil prices and the COVID-19 lockdown.
About Ministry of Petroleum and Natural Gas:
Union Minister – Dharmendra Pradhan
Headquarters – New Delhi