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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

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.

At the Conclusion of India Energy Week 2025, India Cements Position as Global Energy Leader

Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas, highlighted the measurable success of
India Energy Week 2025 through its unprecedented participant and exhibitor numbers and technical
paper submissions. The Minister noted that the event had exceeded expectations by encompassing a
comprehensive range of sectors including petroleum, natural gas, green energy, biofuel, and CBG,
showcasing remarkably innovative developments.

Shri Puri emphasized that within the short span of three years, India Energy Week has established itself
as the world's second-largest energy platform, with its fourth edition scheduled to take place in Goa.

The Minister emphasized that IEW 2025 distinguished itself from other global energy forums by facilitating
actual business transactions rather than merely serving as a networking platform. Shri Hardeep Singh Puri
specifically highlighted practical innovations such as the cost-effective conversion kit demonstrated at the
HPCL stall, designed for enabling biofuel usage in two and three-wheelers. Additionally, the Minister also
expressed satisfaction at the convergence of investors, manufacturers, and consumers, particularly
evident in the display of flex fuel vehicles.

Speaking on India-US energy cooperation, the Minister noted the substantial progress in bilateral
relations, particularly in the natural gas sector. The Minister highlighted India's stated goal of increasing
natural gas consumption to 15% in its energy mix from about 6% currently, emphasizing the strategic
importance of the relationship with the United States for Liquified Natural Gas (LNG) supplies.

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