India highlights its energy security plans at 9th OPEC International Seminar
He was speaking at the 9th OPEC International Seminar in Vienna, Austria, with the theme 'Oil Markets: Energy Security, Growth & Prosperity'.
The Minister highlighted that this step is a result of key sectoral reforms, including a transition from the Production Sharing Contract Regime to the Revenue Sharing Model under the HELP or Hydrocarbon Exploration and Licensing Policy initiative by the Government.
He also pointed to the amendments of ORD (Oilfields Regulations and Development Act) 1948. The Oilfields Regulations and Development Act 1948 focuses on regulating the procedure of exploration and extraction of mineral resources.
The minister also pointed towards the forerunner initiatives taken under the umbrella of National Data Acquisition including National Seismic Program, the Andaman Offshore Project, Mission Anveshan, and the Extended Continental Shelf Survey.
Puri also termed India as the growth engine and stabilizer of global oil markets, being the world's third-largest energy consumer with a demand of approximately 5.4 million barrels per day. He stressed the expansion of crude import sources from 27 to 40 countries and emphasised on fostering domestic production capacity and the development of alternate fuels.
Minister Puri also highlighted the 'Pradhan Mantri Ujjwala Yojana' for providing about 103 million LPG (Liquefied Petroleum Gas) connections to women and EWS (Economically Weaker Sections) households. He also stressed the importance of biofuels and the Global Biofuels Alliance, which has now almost 29 countries and 14 international organizations as members.
The Global Biofuels Alliance (GBA) was launched by Prime Minister Narendra Modi along with the leaders of USA, Brazil, Italy, Argentina, Singapore, Bangladesh, Mauritius and UAE on September 9, 2023, on the sidelines of the G20 Summit in New Delhi, as Chair's initiative.
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