Energy consumption in India is expected to double by 2035 and the demand will continue to rise for more than a decade, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Wednesday. “Rising middle class of emerging Asian countries like India will drive the demand for energy both in terms of electricity, cooking and transportation fuel. As incomes rise, the demand for petro-chemicals, the raw materials for several of the lifestyle products, will also increase,” Pradhan said at the 22nd World Petroleum Congress (WPC) here.
“The energy consumption is expected to grow to almost double by 2035. India is the only country where the demand will continue to rise for more than a decade,” he said.
Pradhan chaired a ministerial session on ‘Current Economic Strategies in Indian Oil and Gas Sector’ and a Plenary Session on ‘Supply and Demand Challenges for Oil, Gas and Products’ at the WPC.
He flagged the importance of ‘Responsible Price’ for crude oil for countries like India which would allow it to provide energy to the common people.
He underlined that in today’s over-supplied market, it is important for producers to understand the perspective of consumers and demand centres and the changes that have taken place in these demand centres.
Pradhan held bilateral talks with Turkish Energy Minister Berat Albayrak during which issues of bilateral energy cooperation, including renewable energy, were discussed.
“The two ministers agreed that they need to work together on a few concrete projects in coming period in areas like exploration and production (E&P) and downstream sectors. They also agreed to work together in third countries,” a Petroleum and Natural Gas Ministry statement said.
Pradhan also launched an event on Hydrocarbon Exploration and Licensing Policy (HELP) as a part of the process of promoting the upcoming oil and gas bidding rounds in India.
The event was attended by BP Group CEO Bob Dudley, IHS Markit Vice President Daniel Yergin, International Energy Agency (IEA) Executive Director Fatih Birol and International Energy Forum (IEF) Secretary General Sun Xianseng.