Energy security: Global crude oil prices have remained relatively stable, says Hardeep Singh Puri; India eyes geothermal push

Time of India

a day ago

Union minister Hardeep Singh Puri (Pic credit- ANI)
Petroleum and Natural Gas minister
Hardeep Singh Puri
on Monday said that global crude oil prices have remained relatively stable despite persistent geopolitical tensions, suggesting that the world has sufficient energy resources to meet demand.
'There are many things that have an impact on crude prices. People say that if there is military conflict somewhere, it will have an impact, but there are many military conflicts, and prices are still between $65 and $70 per barrel,' Puri said on the sidelines of a national seminar on school education organised by the Council for Social Development, quoted ANI. 'My view is that there is enough energy available in the world.
'
Puri's remarks come amid continued global uncertainty, with concerns over supply chains and energy inflation resurfacing in light of recent conflicts and climate events.
The minister underlined India's growing engagement in global energy forums, pointing to the country's recent participation in the Opec seminar for the first time. 'It's basically a meeting of the Opec countries. Considering that we are now one of the largest consumers of crude oil in the world, it makes sense for us to be there,' he said.
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Reflecting on his recent visit to Austria, Iceland, and Norway, Puri said India is actively looking to expand its clean energy footprint. During his stop in Iceland, he discussed geothermal cooperation with local companies. 'Iceland is very strong on geothermal, and we have ongoing collaborations with them. The advantage of going and talking to the private sector there is identifying future work that can be done,' Puri said.
He also expressed a personal interest in integrating geothermal into India's broader energy mix and hinted at its potential inclusion in the India Energy Week platform.
'India Energy Week was launched three years ago and is now the second-largest global platform after ADIPEC in Abu Dhabi,' Puri said, the agency quoted. 'ADIPEC focuses on oil and gas, while we cover all forms of energy, including biofuels and green hydrogen.
We intend to include geothermal energy as well.'
Puri also cited recent milestones in domestic energy exploration. 'ONGC has drilled over 500 wells, the highest in the past 37 years,' he said, noting the financial risk involved in energy discovery. He referred to the example of Guyana, where 47 wells were drilled at $100 million each before a successful strike.
'We are digging more wells. I am only reporting to you the 18 wells on which, under our law, if somebody who is doing exploration and production finds some oil, they have to report to the Directorate General of Hydrocarbons,' he said, reaffirming the regulatory safeguards in place to govern exploration activity in India.
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