New Delhi, Jan 27 (NationPress) Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, emphasized during the 'India Energy Week' in Goa that the global energy transition is primarily focused on “energy addition” rather than mere replacement.

He called attention to the necessity for ongoing investment in sectors including oil, gas, biofuels, green hydrogen, LNG, and clean cooking fuels, as stated by the Ministry of Petroleum and Natural Gas.

Goa, the venue for the summit, presented a comprehensive strategy aiming for 100 percent renewable energy by 2050.

Puri detailed India's transformative reforms in the energy sector, which include the opening of extensive sedimentary basins for exploration, the implementation of the Open Acreage Licensing Policy, and bidding rounds for Discovered Small Fields (DSF) to attract international investors.

Sultan Ahmed Al Jaber, UAE's Minister of Industry and Advanced Technology and Group CEO of ADNOC, highlighted that the greatest threat to the global energy framework is underinvestment. He urged for balanced investments across various energy forms to guarantee security and affordability, according to the statement.

Al Jaber pointed out that global energy demand is entering a significant transformation phase, influenced by emerging markets, digitalization, and the integration of diverse energy systems.

The minister remarked that India Energy Week has swiftly developed into a respected global platform, uniting policymakers, producers, consumers, technology providers, and investors to navigate a time of unprecedented change and uncertainty in the global energy landscape.

India Energy Week serves as the country’s flagship global energy event, convening governmental leaders, industry executives, and innovators to expedite advancements towards a secure, sustainable, and affordable energy future.

Puri noted that India’s swift expansion of LPG access, clean cooking solutions, and a diversified energy portfolio signify the nation’s dedication to inclusive growth and equitable energy distribution.

A high-level Ministerial Panel at the event featured senior policymakers discussing the necessity for pragmatic policies, persistent investment, and stronger international collaborations to address global energy fluctuations.

Highlighting India's goal to enhance the proportion of natural gas in its energy mix, Puri stressed the importance of global collaboration, investment, and realistic transition pathways.

Canada’s Minister of Energy and Natural Resources, HE Tim Hodgson, expressed a keen interest in enhancing cooperation with India, especially in the domains of LNG, critical minerals, oil supplies, and long-term energy trade.