President of HPCL MK Surana, Energy News, ET EnergyWorld

New Delhi: India is unlikely to see oil demand peak before 2040 and other forms of energy will slowly and gradually find a place in the country’s energy mix, the head of the third largest retailer said on Tuesday of the country’s state fuel. On Monday, Prime Minister Narendra Modi boldly pledged to reduce emissions from the world’s third-largest emitter to zero by 2070.

Hindustan Petroleum Corp Ltd (HPCL) Chairman and CEO MK Surana said oil companies have consciously invested in alternative and cleaner energy sources, such as setting up electric vehicle charging stations. , biofuels and hydrogen plants.

These investments are in line with the achievement of the net zero goal, he said.

But the world’s third largest importer and consumer of oil will continue to depend on oil for the next two decades.

“To achieve the net zero goal by 2070, we need to switch to different forms of energy,” he said. But “based on current estimates, peak oil may not be before 2040. Other forms of energy will slowly and gradually find their place and meet growing demand.”

The country’s dependence on oil to meet its energy needs will remain because almost all of its road, rail, air and sea transport is done with fuel produced from petroleum. And their need only grows as the economy grows, generating more economic activity and increasing the mobility of people.

Surana said oil companies are turning to using green energy such as that produced from solar power, to meet the electricity needs of refineries and other facilities.

This clean energy will be used to produce gasoline and diesel and does not suppress the demand for automotive fuel, he said. Likewise, hydrogen will be used to produce gasoline and diesel.

“We have to find new ways to produce petroleum energy,” he said. “We must provide the energy required by the country with costs and economics in mind. We cannot afford any disruption that has been observed in recent weeks that has led to a surge in world prices for oil. ‘energy.”

While countries like the UK have seen gas pumps run out of fuel, India has seen retail prices rise to keep pace with world prices, but there were no supply constraints anywhere. in the country.

Surana said crude oil prices could hover around $ 80-85 per barrel during the October-December quarter.

On Monday, Modi raised the 2030 renewable energy capacity target to 500 GW from 450 GW and pledged to produce half of the country’s electricity using renewable energies. India will also cut carbon dioxide emissions by a billion tonnes from the status quo by the end of the decade.

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Felix J. Dixon

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