The four-day event held in Goa featured global leaders, global oil, gas bio-fuels and renewable companies exhibiting their products and services
The second edition of the India Energy Week (IEW) 2024 came to a close on 9th February in Goa and Hardeep Singh Puri, Union Minister of Petroleum and Natural Gas shared plans for the event’s return to Goa in 2026 at the IPSHEM- ONGC Training Institute.
The four day event which was inaugurated by Prime Minister Narendra Modi, featured global oil, gas, bio-fuels and renewable energy 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.
Highlights
The first day of IEW saw Prime Minister Narendra Modi inaugurate the second edition, while emphasising India’s commitment to unprecedented levels of investment in the energy sector. While addressing the gathering of global energy leaders, PM Modi underlined that the massive government spending in the sector will create new avenues for investment in India.
He 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, Puri participated in a ministerial panel ‘Ensuring Energy Security for Nations and Industry in a VUCA world’ along with Sherida Al Kaabi, Energy Affairs, Cabinet Minister, Qatar; Vickram Bharrat, Minister of Natural Resources Republic of Guyana; and Haitham Al Ghais, Secretary General, OPEC.
In another conference, Arun Kumar Singh, ONGC Chairman and Managing Director 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.
The second day had the International Energy Agency release 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 and CEO of Petronet LNG while speaking at the leadership panel on ‘Developing LNG Markets and Infrastructure’ said that India’s achievement of the target of increasing natural gas share in total energy mix to 15% by 2023 from 6% currently is dependent on affordable pricing and synchronization of infrastructure in the supply chain.
Amitabh Kant, India’s G20 Sherpa and former CEO Niti Aayog 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. He further said that the country will achieve the milestone by exporting green hydrogen.
On the third day, Puri commended the technology innovations showcased at the IEW. The 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 and 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 Puri aims to eradicate last-mile delivery inefficiencies and elevate customer satisfaction to unprecedented levels. The last day saw Puri reflecting on the event’s achievements while highlighting the diversity and quality of technological innovations on display. “It reflects that IEW has come to acquire a prominent place amongst available platforms.”
Further, Puri said that the exhibitions at IEW 2024 displayed technological innovations of the highest order. “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.”
The 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 bio-fuels.
Jain said that India has changed from being just 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.
The IEW 2024 also featured the Energy Startup Challenge, awarding Iron Technologies the top prize, with Vasitars Private Ltd and Aloe Ecell following. Honourable mentions went to Biofuels Junction and VDT Pipeline Integrity Solutions, showcasing the innovation and entrepreneurial spirit within the Indian energy sector.
