IEW 2024 concludes in Goa with immense success and IEW 2025 to be hosted at Yashobhoomi in New Delhi between February 11-14
Union Minister of Petroleum & Natural Gas also lauded overwhelming participation of biofuel and renewable technology companies
Hardeep Singh Puri said India will account for 25% of incremental global oil demand over the next two decades
Panaji (Goa), NFPost: The second edition of India Energy Week 2024 in Goa concluded successfully on Friday, with an announcement that the next edition of the global energy conclave will be held at Yashobhoomi in New Delhi between February 11-14.
Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri also announced that the fourth edition of the global conclave in 2026 will be back in Goa at the IPSHEM-ONGC-Training Institute.
The four day event, inaugurated by the Prime Minister Narendra Modi, featured global oil, gas, biofuels and renewable companies exhibiting their products and services. The platform allowed the global energy ecosystem to collaborate, innovate and grow through meaningful partnerships across the energy spectrum.
At the closing ceremony of India Energy Week (IEW), 2024 in Goa, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri lauded the immensely successful organisation of the global energy conclave.
“IEW 2024 has built on the inaugural session last year, with 30% more exhibitioners showcasing their products and services in an area spanning over 18,000 square metres. The success of the four-day event exemplifies by the strong and robust participation from the CEOs and board members, representing not only the largest oil, gas companies but also from biofuel and renewable technology companies,” said Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri.
The Union Minister also added that the success of the four-day event reflects that IEW has come to acquire a prominent place amongst available platforms where if stake holders can go and spend four days, can meet a wide cross section of people, those whom may otherwise take much longer to interact with if they are placed in different global geographies.
Further, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri said that the exhibitions at India Energy Week, 2024 displayed technological innovations of the highest order, which impressed him deeply.
“Apart from country-specific exhibition stalls, and those belonging to bigger companies, even individual entrepreneurs showcased great effort in achieving technological innovation of the highest quality,” added Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri.
The Union Minister highlighted that while India will account for 25% of incremental global oil demand over the next two decades, the growth will not be restricted to just exploration and production activities but will also extend to biofuels.
“We couldn’t get more than 1.5% biofuel blending up to 2014. Today we’ve got 12% blending in the entire country, and we’re going to take it to 20%. So I think that the best is yet to come,” said Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri.
Moreover, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri said that ethanol, biofuels, compressed biogas and green hydrogen are poised to see immense growth in India.
“I think the world is just beginning to see that green hydrogen may not be as distant a story as was initially thought. And at least the Indian estimates of 5 million metric tons per annum by 2030 is very much an underestimation,” he added.
Speaking alongside the Union Minister, Ministry of Petroleum & Natural Gas Secretary Pankaj Jain remarked that India has changed from just being one of the markets of the world for global energy companies to a country where global entities have established back offices, employing thousands of experts, and manufacturing facilities.
Start-up Awards
Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri and Secretary also awarded the Energy Startup Challenge at the closing ceremony of IEW, 2024. The first prize went to Iron Technologies, while Vasitara Private Limited bagged the runner-up trophy. The third place was awarded to Aloe Ecell.
Highlights of India Energy Week 2024 Goa:
Day 1, February 6.
Prime Minister Narendra Modi inaugurated the second edition of IEW 2024 in Goa. In his inaugural address PM Modi emphasised India’s commitment to unprecedented levels of investment in the energy sector while addressing the gathering of global energy leaders. The Prime Minister also underlined that the massive government spending in the sector will create new avenues for investment in India.
Prime Minister Narendra Modi also inaugurated the integrated Sea Survival Training Centre, ONGC Institute in Goa. PM Modi also witnessed a briefing on underwater escape exercises and a demonstration of the training center.
Later in the day, Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Hardeep Singh Puri participated in a ministerial panel titled ‘‘Ensuring energy security for nations and industry in a VUCA world” along with Saad bin Sherida Al Kaabi, Energy Affairs, Cabinet minister, Qatar, Vickram Bharrat, Minister of Natural Resources Republic of Guyana, and Secretary General OPEC, Haitham Al Ghais.
In another conference during the day, ONGC Chairman & MD Arun Kumar Singh while participating in a panel discussion titled ‘The industry’s role in securing affordable energy access – balancing growing demand and sustainable supply’ said that India’s energy demand will continue to grow over the coming years and will only begin to taper off after 17-18 years.
Day 2 – February 7
The International Energy Agency (IEA) released a report ‘Indian Oil Market Outlook to 2030’ stating India will become the largest source of global oil demand growth between 2024 and 2030.
Akshay Kumar Singh, MD & CEO, of Petronet LNG while speaking at the Leadership Panel on “Developing LNG markets and infrastructure” said India’s achievement of the target of increasing natural gas share in total energy mix to 15% by 2030 from 6% currently is dependent on affordable pricing and synchronisation of infrastructure in the supply chain.
India’s G20 Sherpa and former CEO Niti Aayog Amitabh Kant while speaking at a ministerial panel titled ‘South-South Cooperation: Energy for Inclusive Growth’ said that India will become an exporter of clean energy by 2047. India’s G20 Sherpa Kant said that the country will achieve the milestone by exporting green hydrogen.
Day 3- February 8
Union Minister Hardeep Singh Puri in a press conference commended the technology innovations showcased at the second edition of IEW 2024 in Goa. The Union Minister also said that India has achieved 12% ethanol blending with petrol five months ahead of the estimated target and this has led the government to revise the target of 20% ethanol blending by five years to 2025.
Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas while speaking at the Spotlight Session titled ‘India – a blueprint of energy transition for emerging economies’ said that India’s emergence as the demand centre for energy in the world provides arbitrage opportunities around the globe for procuring natural gas.
Bharat Petroleum Corporation Limited (BPCL) announced the launch of ‘Pure for Sure’. The initiative, inaugurated by the Union Minister of Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri aims to eradicate last-mile delivery inefficiencies and elevate customer satisfaction to unprecedented levels.
