Reflections

The Union Budget 2023 has reflected "Green Growth" as one of the highlights with allocation of Rs. 35,000 crore for priority capital investments towards energy transition & net zero objectives, and energy security, and made significant policy changes for accelerating outcomes.

In line with the clarion call given by Hon'ble PM, to phase out single use plastic items, we are launching largest initiative in world to reuse and recycle 100 million PET bottles per year.

We remain focused on energy efficiencies, laying impetus on fuels of the future including biofuels and hydrogen and increasing the use of renewable energies etc. At the same time, we are taking transformative steps to increase domestic exploration on production of traditional hydrocarbon.

India Energy Week is the new forum initiated by MoPNG in the year of India's G20 Presidency, inviting business leaders and innovators from across India to share insights into its pioneering approach.

India has already pledged to become net-zero in emissions by 2070 and cut down the emission by 1 billion tons by the end of 2030. These commitments come despite India's historical contribution to global emissions (since 1890) is about 4%, despite being the 5th largest economy and home to 17% of the world's population and despite India's per capita emissions ranking lowest amongst the G20 countries and about half of the global average.

India has carved out an energy agenda which is inclusive, market-based, and climate - sensitive. We continue to underscore the importance of oil and gas yet our commitment to climate change mitigation goals remains unabated. We remain focused on energy efficiencies, laying impetus on fuels of the future including biofuels and hydrogen and increasing the use of renewable energies etc. At the same time, we are taking transformative steps to increase domestic exploration and production of traditional hydrocarb

IEW 2023 comes at a watershed in the global energy landscape and it will devise solutions to solve the global energy quadrilemma of energy access, affordability, & availability with security at its pivot & devise solutions for the future global energy transition.

Budget 2023 is a development & growth-oriented budget. All sections of the society will benefit, but not through a reckless, freebie route.

E&P is of paramount importance to India's energy strategy. Govt. of India intends to increase India's exploration acreage to 0.5 million sq. km. by 2025 and 1.0 million sq. km. by 2030.

As this Mobile Offshore Production Unit will be able to operate in deep waters, it will open up new opportunities to access previously untapped reserves. Its mobility will allow ONGC to respond quickly to changing market conditions and explore new opportunities as they arise. It will help in reducing the time and costs associated with traditional offshore.

As our defence forces guard our borders, citizens of India can go to sleep safely. Similarly, ONGC officers work as energy soldiers relentlessly to produce oil & gas, so that the nation can move smoothly.

The Sagar Samrat is also a symbol of Atmanirbhar Bharat as it showcases India's resolve and ingenuity in creating indigenous oil & gas production assets to the highest standards of the world.