NewzVille Desk
Petroleum and Natural Gas Minister Hardeep Singh Puri today asserted that India is not concerned about sanctions on Russian crude as there are enough supplies in the market. Speaking at Urja Varta 2025 in New Delhi, Puri stated that India will import oil from wherever it is available at the cheapest price.
He highlighted that this is the new India where the government is not driven by pressure, but by impact. Addressing questions on India’s energy security posture amid global geopolitical disruptions such as the Russia-Ukraine conflict and tensions in the Middle East, Puri stated that India had proactively expanded its crude import sources from 27 to 40 countries.
This diversification, he said, is a key measure to ensure uninterrupted energy access during periods of global turbulence. On the topic of Russian oil imports, he clarified that Russia remains one of the world’s top oil producers with an output exceeding 9 million barrels per day.
He warned that a sudden removal of this supply from the global market out of a total of approximately 97 million barrels per day—would have created chaos, pushing prices to between $130–$200 per barrel.
The second edition of Urja Varta 2025, India’s premier upstream oil and gas conclave, was held on Thursday at Bharat Mandapam, New Delhi which was organized by the DGH (DGH) under the patronage of the MoPNG (MoPNG), the event brought together over 700 participants including Union and State Ministers, senior officials, global industry leaders, domain experts, and media professionals.
With the theme “Collaborate, Innovate, Synergize,” the conclave served as a dynamic platform for dialogue, technical exchange, and strategic visioning around India’s energy roadmap.
A series of major announcements and launches marked the event. Shri Puri unveiled the revised PNG Rules and MRSC, aimed at enhancing policy clarity, boosting investor confidence, and furthering Ease of Doing Business.
He also announced the commencement of Hydrocarbon Resource Assessment Studies using globally benchmarked methodologies to better estimate India’s resource base.
Key MoUs were exchanged during the conclave, including one between bp and ONGC for stratigraphic well studies to deepen understanding of India’s subsurface geology, and another between DGH and NIC to establish a cloud-based National Data Repository for transparent and centralised upstream data management.
