No Sanctions On Russian Oil; India Will Keep Buying; Safeguarding Energy Needs Is Government's Top Priority: Hardeep Singh Puri

MUMBAI: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday asserted that safeguarding India’s energy needs is the top priority of the government.

Puri’s response comes amid marathon negotiations on trade policies are continuing between the US and India, exceptional levels of global economic and geopolitical uncertainties, and the US Energy Secretary Chris Wright’s undemocratic and unethical comments on the world’s largest democracy and the most populous nation (India) that the “US doesn’t want to punish India”.Wright had said: “India can buy oil from every nation on the earth, just not Russian oil, “that's our position. America has oil to sell, so does everybody else.”

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“There is enough oil available in the world today, but if crude supplies are disrupted, the world will face serious consequences, and until this moment, there are no sanctions on buying oil from Russia, and we will continue to buy Russian oil,” Puri told senior economic editors in Mumbai.India’s crude imports are meant to ensure affordable energy costs to the local consumer. The country will continue taking necessary steps to safeguard its national interests, energy needs and economic security.

India has asked Indian companies to buy crude at lower prices wherever available. Countries, including the EU, Turkey and buy oil from Russia.OMCs IOC, HPCL and BPCL autonomously decide the source of the crude oil they buy for refining, Puri said, emphasising that the government does not interfere in their independence and professional decisions. The Union minister said he expects crude prices to trade between $65 and 68 a barrel.

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IOC, HPCL, and BPCL together constituted 3.3% of corporate India’s profit last year Puri said. The three oil marketing companies, which have collectively reported a profit of Rs 2.5 lakh crore over the last six years.

Referring to Iran and Venezuela, the minister said, “The government is moving in the right direction, and as a responsible member of the international community, India has always complied with sanctions. Globally, the US is the largest producer of crude oil, pumping over 13 million barrels a day. Russia is the second largest supplier of crude at 10 million barrels a day.

Today, Puri said, the discounts offered by Russia are not that steep. Yet, energy is unavoidable, and if we stop buying crude from Russia, we will have to drastically cut consumption.Energy experts have repeatedly called for preserving and strengthening the multilateral rules-based global trading system. Strengthening the trading system, analysts said, would require restoring a fully functioning WTO dispute settlement mechanism. It will also require making more progress on dealing with trade restrictions and developing internationally acceptable rules and guidelines.

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As Opec Secretary General Haitham Al Ghais pointed out, current and future data trends demonstrate that hydrocarbons will remain vital for decades. Oil is not only the main energy source for the global economy today, it is expected to retain the largest share of the global energy mix in 2050 at around 30%–when demand is set to exceed 123 million barrels per day. The global energy sector stands at a critical juncture, requiring significant investment in all energies and technologies.

Future energy systems must be just, equitable, and reflect national circumstances. The energy futures of 9.7 billion people in 2050 will depend on today’s policymakers embracing ‘all inclusive’, forward-looking approaches.Economic gurus in Mumbai said, “India’s tolerance is being tested. The Trump administration is bullying world’s democracies, and forcing them to abandon and vandalize the democratic and free trade approach.”

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An ocean of energy opportunities opens up in the Andaman Sea!

Meanwhile, Puri said that an ocean of energy opportunities opens up in the Andaman Sea! The occurrence of natural gas in Sri Vijayapuram 2 well at a distance of 9.20 NM (17 km) from the shoreline on the east coast of the Andaman Islands at a water depth of 295 meters and target depth of 2650 meters has been reported. Initial production testing of the well in the range of 2212– 2250 meters has established the presence of natural gas with intermittent flaring. The gas samples were brought by ship to Kakinada, were tested and found to be 87% methane.

“The size of the gas pool and commercial viability of the discovery will get verified in the coming months but establishing the presence of hydrocarbons in the Andaman basin is a major step in confirming our long held belief that Andaman basin is rich in natural gas, in line with discoveries in the entire area from Myanmar in North to Indonesia in the south in this belt.

“Under the deepwater mission announced by the prime minister on Independence Day, a large number of deepwater exploration wells are planned in our offshore basins in order to find new discoveries and fully exploit our hydrocarbon reserves. This occurrence of natural gas will help us in taking forward our exploration ambitions in coordination with global deepwater exploration experts, and will be a significant milestone in our journey through Amrit Kaal,” Puri said.

India is where the future of energy is: India is no longer just a consumer market; it is a global execution hub for upstream projects. The bigger picture is about capacity, opportunity, and resilience. Between 2025 and 2035, India will see 2,000 plus exploration wells, large-scale EOR, and deepwater projects, creating a $100 billion market for rigs, subsea, EPC, digital, and environmental services.