India will reduce dependence on oil imports by 10% by 2022: Dharmendra Pradhan

In an address at KPMG ENRich Annual Energy Conclave, Minister of Petroleum and Natural Gas and Minister of Steel Dharmendra Pradhan on November 6 said that the government plans to reduce oil imports by 10 percent by 2020.

"We aim to achieve 10 percent of blending percentage of ethanol in petrol by 2022 to reduce dependency on oil imports. Ethanol blending percentage has raised from 0.67% in 2013 to 6% in 2019," said Pradhan.

He said the trajectory to end energy poverty in India as compared to the rest of the world would be based on the country's circumstances.

"The average Indian consumes one-third of per capita energy that United States considers necessary for human well being. The government will ensure that energy transition is secure, affordable and reliable," he added.

Pradhan assured of a multi-pronged strategy for sustainable energy growth. He said India is going to increase the share of non-fossil fuels by increasing renewable energy capacity to 175 gigawatts by 2022, and later to 450 gigawatts.

The National Biofuel Policy will focus on waste wealth creation and targets to generate bio fuel from agricultural residue and municipal waste. He said that 5000 compressed bio gas plants are being set up for this purpose. With this approach, there is likely to be a boost in earnings of farmers.

"The government is looking at ways to move towards a gas based economy. An estimated amount of $60 billion is lined up for developing gas infrastructure which includes pipeline, city gas distribution and energy terminals," said Pradhan.

The government's focus is to bring in global investments in oil and gas sector. In India, there is a potential of $100 billion investment in hydrocarbon sector. Pradhan said the government is keen on looking at foreign players as equity partners.