Reflections

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.

I express my commendation for the efforts of the ONGC team in working under difficult conditions to achieve this milestone. The team has faced numerous challenges, but their grit and determination have led to the successful conversion of the Sagar Samrat Rig into a Mobile Offshore Production Unit.

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.

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.

ONGC's organisational shift from a process orientation to an outcome orientation will focus on delivering results and achieving its goals, rather than just following set processes. By adopting an outcome-oriented approach, ONGC will be better equipped to tackle the challenges of the hydrocarbon sector and make the most of the opportunities that arise.

The Government has taken various initiatives to support technology industries and enhance the renewable energy sector. The National EV policy has inspired state governments to adopt regionally relevant EV policies and academic institutes like IITs, to start dedicated programs for EVs with focus on R&D.

India has progressed significantly in the biofuels space. The signing of an MoU between NRL & FD, Govt. of Assam is a step forward in setting up more 2G ethanol plants. This will not only help a farmer earn Rs. 80 thousand to Rs. 1.2 lakh per hectare every year from bamboo farming but also, create a carbon sink that will fix 2.6 lakh tonne CO2 from the air per year.

It is a pleasure to inaugurate another important initiative - Methanol blended HSD run boats - which is a step towards building greater energy independence and creating a cleaner environment. All these efforts will ensure India's quick progression towards creating a Methanol-based economy and become atmanirbhar in energy production.

The Government has taken various initiatives to support technology industries and enhance the renewable energy sector. The National EV policy has inspired state governments to adopt regionally relevant EV policies and academic institutes like IITs, to start dedicated programs for EVs with focus on R&D.

Increased E&P, import diversification, biofuels part of India’s four-plank energy security strategy.

India Energy Week will enable all of us to get together to innovate and devise solutions to solve the global energy trilemma of security, affordability and availability as well as devise solutions for the future global energy transition.

Today, the world is facing unprecedented crisis of 3 Fs- 'FOOD, FUEL and FERTILIZER'. The most acute impact of this is felt in global south. It is our endeavour to utilize the G20 presidency to give resonance to the voice of the global south.