India strengthens energy security with key pacts

New Delhi: India made significant progress in energy security and sustainability with multiple strategic agreements signed during the 3rd edition of India Energy Week. Union Minister of Petroleum and Natural Gas Hardeep Singh Puri emphasised these agreements as crucial steps in ensuring a resilient and sustainable energy future.

To diversify crude oil imports, Bharat Petroleum Corporation Ltd (BPCL) signed an optional term contract with Brazil’s Petrobras for up to six million barrels of crude. Indian Oil Corporation (IOC) and the Abu Dhabi National Oil Company (ADNOC) inked a $7 billion deal to source 1.2 million metric tonnes per annum (MMTPA) of liquefied natural gas (LNG) over 14 years starting in 2026. BPCL and ADNOC also agreed on a five-year LNG offtake agreement for 2.4 MMT, extendable by another five years.

IOCL signed its first LNG export agreement with Nepal’s Yogya Holdings for 1,000 metric tonnes of LNG annually via Odisha’s Dhamra Terminal. ONGC appointed BP as the Technical Services Provider for the Mumbai High field to enhance production. Engineers India Ltd signed an MoU with BP Business Solutions India Pvt. Ltd. for refining, pipeline operations, and emission reduction.

In offshore exploration, ONGC Videsh Ltd. and Petrobras partnered for upstream oil and gas projects, while Oil India Ltd and Petrobras signed a MoU for hydrocarbon exploration in India’s deep offshore basins. Advancing clean energy, BPCL and Israel’s Eco Wave Power launched India’s first wave energy pilot project in Mumbai.

BPCL also partnered with the National Sugar Institute, Kanpur, to expand bioethanol production and signed an agreement with Equinor India Pvt. Ltd. for LPG procurement.

These agreements reinforce India’s commitment to energy security and sustainable transition.