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India strengthens Global Energy Partnerships at India Energy Week 2025

Published: Feb 14, 2025

By TIOLCorplaws News Service

NEW DELHI, FEB 14, 2025: AT the India Energy Week 2025, India signed multiple strategic agreements and MoUs aimed at enhancing energy security, diversifying supply sources, and fostering innovation in the oil and gas sector. Addressing a press conference on the sidelines of the event, Hardeep Singh Puri, Minister of Petroleum and Natural Gas highlighted these agreements as crucial steps toward a more resilient and sustainable energy future for the country. 

As part of efforts to diversify crude oil imports, BPCL signed an optional term contract with Petrobras, Brazil, to import up to 6 million barrels of crude. Strengthening India's transition to a natural gas-based economy, IOCL and ADNOC (UAE) signed a USD 7 billion contract to source 1.2 MMTPA LNG for 14 years starting in 2026, while BPCL and ADNOC entered into a five-year LNG offtake agreement for 2.4 MMT, extendable by another five years. Expanding India's role as a regional energy supplier, IOCL signed its first LNG export agreement with Nepal's Yogya Holdings, ensuring the delivery of 1,000 metric tons (TMT) annually via cryogenic trucks through Odisha's Dhamra Terminal. 

On the technical front, ONGC selected BP as the Technical Services Provider for the Mumbai High field, India's largest offshore oilfield. BP will conduct a comprehensive review of field performance, implement technological improvements, and work to stabilize and enhance production. Additionally, EIL signed an MoU with BP Business Solutions India Pvt. Ltd. To collaborate on refining, pipeline operations, and emission reduction technologies. 

In offshore exploration, ONGC Videsh Ltd. And Petrobras signed an MoU to jointly participate in upstream oil and gas projects in Brazil, India, and third countries, exploring opportunities in trading, low-carbon solutions, and digitalization. Oil India Limited and Petrobras also signed an MoU for hydrocarbon exploration in India's deep and ultra-deep offshore basins, aligning with the government's Hydrocarbon Exploration and Licensing Policy. 

India also took steps toward clean energy with BPCL partnering with Eco Wave Power, Israel, to establish the country's first wave energy pilot project in Mumbai using wave energy converter technology. In the biofuel sector, BPCL signed an MoU with the National Sugar Institute, Kanpur, to scale up sweet sorghum-based bioethanol production and build capacity for farmers and industry partners. 

Further enhancing hydrocarbon trade, BPCL entered into an agreement with Equinor India Pvt. Ltd. for the purchase of LPG (propane and butane).

The Minister emphasized that these agreements reaffirm India's commitment to securing affordable, sustainable, and diversified energy supplies while fostering global collaborations in cutting-edge energy solutions. These partnerships will help us achieve our energy transition goals and ensure a robust and resilient energy ecosystem for India.

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