Page 161 - DGH_Annual_Report

Hydrocarbon Efficiency & New Energy 161

According to the Energy Statistical Review of contributing 55% and oil and gas contributing
World Energy data 2023, 89% of India’s primary 34%. Renewable and other energy sources
energy consumption is from fossil fuels, with coal account for only 11% of energy usage (36.44 EJ).

Hydroelectric Renewables,
1.64, 4% 2.15, 6% Oil,
India Primary Energy Consumption by Fuel (Exajoule) Total 36.44 10.05, 28%
Nuclear Energy,
0.42, 1%

(100%)

Coal,
20.09,
2.09, 6%
55% Year 2022 Natural Gas,

89 % Fossil Fuel

Exajoule (EJ): 1 EJ = 1018 J

Source : Energy Institute Statical Review of World Energy, 2023

India’s primary demand is expected to double tonnes of carbon emissions by 2030 4) reducing
by 2050, with a Compound Annual Growth carbon intensity by 45% by 2030 and 5) reaching
Rate (CAGR) of 2.4% - 2.6%, while oil and gas net zero emissions by 2070.
consumption is projected to grow with a CAGR
of 1.9%. In contrast, 9.2 Navigating Energy Transition
through Advancing Hydrocarbon
The world's oil and gas consumption is expected Efficiency and Integrating New Energy
to decrease with a CAGR of 2.6% until 2050. in E&P Operations
India World
India’s reliance on fossil fuels and its growing
1.9 % 1.9 % energy demands, coupled with the goal of
achieving NetZero by 2070, require a holistic
approach. This should include transitioning to
enhancing hydrocarbon efficiency, renewable
energy sources, , promoting the electrification of
transportation, expanding forest cover, investing
in carbon capture and storage, reducing
2022 2050 2022 2050
dependency on coal, implementing supportive
Projected Oil and Gas consumption (MMTOE) policies, fostering international collaboration,
Source : For 2050, Accelerated Scenario of BP stats considered raising public awareness, encouraging green
technology investments, and developing
As part of India’s climate commitment, the adaptation strategies. In line with India’s Net
Hon’ble Prime Minister during the 26th Zero goal, major oil and gas companies have
Conference of Parties (COP26) in Glasgow, set ambitious net-zero targets as follows: ONGC
announced PANCHAMRIT initiative (five key aims for 2038, Oil India for 2040, Reliance for
climate action points): 1) achieving 500GW non- 2035, and Vedanta for 2050.
fossil energy capacity by 2030 2) 50% energy
from renewables by 2030, 3) cutting one billion Oil and gas remain critical to our energy mix,