New Delhi [India], January 13 : Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri on Monday commended the Oil Industry Development Board's (OIDB) significant contributions to India's oil and gas industry at its Golden Jubilee celebrations in New Delhi.
Puri highlighted OIDB's crucial role in addressing key challenges in India's hydrocarbon value chain, ensuring consistent energy supplies, and supporting vital initiatives like skill development and policy reforms.
He also outlined future goals to strengthen India's energy security. "OIDB has been pivotal in fueling the growth of the oil and gas industry in India. It has addressed key challenges in the hydrocarbon. Value chain in India in ensuring energy security, supporting initiatives such as skill development and policy reforms, thereby ensuring a consistent supply of energy for our needs," he said.
The Minister also praised the OIDB's financing support for various exploration and production projects, refining, and infrastructure development.
He said, "OIDB financing has supported various exploration and production projects, refining and infrastructure development, fostering indigenous capabilities and reducing our dependency on imports, although I must qualify that by saying we could have done better, and the reason we did not do better if you allow your eye to be off the ELP (Energy Leadership Program) chart."
Looking ahead, Puri emphasised the need for OIDB to explore international collaborations, especially in the realm of technology and renewable energy transitions.
"I think OIDB should explore international collaborations for technology and funding, particularly in renewable energy transitions. Because I think the focus now is not going to be just on availability and affordability that we would like to take as a given, but the energy transition, I think is the crucial part," he stated.
Minister Puri also outlined key strategic directions for OIDB to remain at the forefront of energy innovation. He said, "Establish dedicated research funds focus on trafficking technologies, which can position OIDB at the forefront of innovation, particularly, I would add in the sustainability."
"OIDB should adopt sustainability as a central theme in all its operation, by promoting green technologies and supporting products which by themselves, are contributing to that green energy transition," he added.