Latest news with #9thOpecInternationalSeminar
Mint
5 days ago
- Business
- Mint
Petroleum minister Puri talks to Opec about ensuring balance and predictable global oil market
New Delhi: Union petroleum and natural gas minister Hardeep Singh Puri has spoken to Haitham Al Ghais, the secretary general of Opec, on ways to ensure that oil markets remain balanced and predictable, an official statement said on Thursday. During the 9th Opec International Seminar in Vienna on Wednesday, the minister also met several stakeholders in the oil and gas space, including Heineken Lokpobiri, Nigerian minister of state for petroleum resources; Wael Sawan, CEO of Shell; Murray Auchincloss, CEO of bp; and Russel Hardy, Group CEO of Vitol. The statement said that at the seminar, Puri met the secretary general of Opec. "They discussed India's strong partnership with Opec and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's 3rd largest importer of oil, India and Opec, the grouping of major oil producers, share a unique and symbiotic relationship," the statement said. The talks come as the global oil market emerged from a very volatile scenario last month amid the Israel-Iran conflict. On 5 July, Opec and its allies, commonly known as 'Opec+', agreed that starting August 2025, they would increase production by 548,000 barrels per day. This move has eased supply concerns and prices in the market. In his meeting with Murray Auchincloss, CEO of bp, Puri shared that they took forward the ongoing dialogue on strengthening bp's partnership in India's upstream and downstream energy sector, the statement said. bp has a longstanding and comprehensive engagement in India across the energy value chain and also participated in the ninth round of auctions under the Open Acreage Licensing Policy (OALP). The discussions also covered India's plans to aggressively enhance its domestic exploration and production (E&P) capabilities by exploring 2.5 lakh sq km under OALP Round-10. Indian energy companies have partnered with bp for E&P investment globally and are now collaborating in retail, natural gas, and compressed biogas. The minister and Russel Hardy, Vitol's Group CEO, discussed current challenges in the global energy markets and collaborations across the hydrocarbons value chain. Puri's meeting with the Shell CEO was focused on potential collaborations in light of India's ambitious exploration and production plans. The minister noted that India is set to explore nearly 2.5 lakh square km in new offshore and onshore areas, marking one of the world's largest bidding rounds. He underlined that India's efforts to increase the share of natural gas in its energy mix from 6% to 15% present significant opportunities for advanced technological partnerships. He added that the drive towards greater exploration and production activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives.
Time of India
6 days ago
- Business
- Time of India
Energy outreach: Oil minister Hardeep Singh Puri pitches India's growth story to oil majors; Opec ties, LNG push top agenda
Oil minister Hardeep Singh Puri met top global energy leaders on the sidelines of the 9th Opec International Seminar in Vienna, holding bilateral discussions to bolster India's energy security and expand partnerships across the hydrocarbons value chain, according to an official statement. During his meeting with Kuwaiti Oil Minister and KPC Chairman Tareq Sulaiman Al-Roumi, Puri explored ways to deepen cooperation, PTI reported. Kuwait is India's 6th largest source of crude oil, 4th largest LPG supplier, and the 8th biggest hydrocarbon trade partner. In a separate meeting with Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri, the two sides discussed boosting crude trade. 'Indian companies have been consistent buyers of Nigerian crude, and the discussions focused on exploring avenues to further expand hydrocarbons trade between the two nations and reinforce the longstanding partnership,' the statement said. The minister also met Shell CEO Wael Sawan to discuss collaborations in oil and gas exploration. 'Puri underlined that India's efforts to increase the share of natural gas in its energy mix from 6 per cent to 15 per cent present significant opportunities for advanced technological partnerships. He noted that the drive towards greater exploration and production (E&P) activity stands to benefit from Shell's cutting-edge technologies, paving the way for mutually beneficial collaborations that support India's energy security objectives,' it said. In his interaction with Opec Secretary General Haitham Al Ghais, Puri reaffirmed India's long-standing partnership with the oil producers' group. 'They discussed India's strong partnership with Opec and ways to ensure that oil markets remain balanced and predictable to support smooth global transition into green and alternative energies, particularly in light of recent geopolitical challenges. As the world's 3rd largest importer of oil, India and Opec, the grouping of major oil producers, share a unique and symbiotic relationship,' the statement said. Talks with BP CEO Murray Auchincloss focused on expanding the global major's participation in India's upstream and downstream sectors. BP already has significant presence across India's energy chain and has participated in past bid rounds. Puri also met Vitol Group CEO Russel Hardy to review market challenges and explore avenues for collaboration. 'Puri noted the vast collaboration opportunities arising from India's unprecedented thrust towards expanding and enhancing energy infrastructure — including exploration and production, refining, and gas-based energy transition,' the statement said. India meets more than 85 per cent of its oil demand through imports and also relies heavily on imported natural gas to fuel its fast-growing economy. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
