India's oil minister on Friday said the country needs to step up its efforts to produce crude as prices continue to rise.
The country's demand for hydrocarbons is set to remain high over the coming years, despite its push to increase its renewable energy capacity.
“Somehow there has been an underinvestment in this area and I can say from the Indian point of view, certainly we can do much more in exploration and production,” said Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, at the CeraWeek India Energy Forum, organised by IHS Markit.
“It has to be a process that will go on simultaneously: that we move to green energy but we also utilise traditional energy."
He said that India “will do whatever is required” to boost domestic oil and gas production.
The country has 26 sedimentary basins but only eight are under exploration, Mr Puri said.
“Now, when a government makes a statement to that effect, it indicates a statement of intent that we propose in a very focused, time-bound manner to subject the other sedimentary basins to exploration,” he said.
High crude prices are a challenge for India because it imports about 85 per cent of its oil requirements.
Rising oil prices affect the country's trade deficit and India has concerns about its energy security, as its demand for power is expected to increase amid an expanding economy.
Mr Puri this week said Opec should increase output to control rising prices.
On Friday, he again warned that “high energy prices will certainly, if not checked, have a likely effect on the global economic recovery”.
“I'm hoping that people all over the world will realise that it is a win-win only if the price matrix is responsive both to the requirements of the producing and consuming countries,” he said.
Brent, the global benchmark for more than half of the world’s crude, was trading above $85 per barrel on Friday evening UAE time. The price has rallied more than 60 per cent this year amid widespread concerns around a worldwide energy crisis.
Mr Puri said other parts of the world should invest more in the hydrocarbons sector, while developing renewable energy solutions at the same time.
“Energy transition also has a way of imposing a cost,” he said. “A lot of people say, 'well, if you're moving to green energy, why do you want to do exploration', but that's not realistic.
“For the foreseeable future, as we move towards green energies, more biofuels, more electric vehicles, we'll still need petrol and diesel for a large economy.”
Analysts including top US economist Nouriel Roubini are forecasting that oil prices could hit $100 per barrel by the end of this year due to lack of investment in the hydrocarbon sector as the world focuses on transitioning to clean energy in an effort to reduce carbon emissions.
India has pledged to reduce its emissions intensity under the Paris climate change agreement. It is the world's third-largest importer of crude oil and is looking to reduce its dependence on fossil fuels.
Not only are these energy forms highly polluting in a country that has some of the world's most polluted cities but import costs are high.
The country's energy needs are only likely to grow amid urbanisation and plans to expand manufacturing. This is adding to the need for the country to increase its energy production renewables, including solar power.
The risks of depending on fossil fuel imports have been brought to the fore as India is grappling with coal shortages. Coal accounts for about 70 per cent of India's electricity generation.
On Wednesday, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, told the India CeraWeek forum that the UAE plans to boost its energy relationship with India, by helping the South Asian economy to achieve its renewable energy capacity target of 450 gigawatts by 2030.
Ties between India and the UAE in the energy sector have deepened in recent years. The South Asian country has become the UAE’s top liquefied natural gas customer and Indian companies have been awarded exploration rights in Abu Dhabi.
Killing of Qassem Suleimani
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MATCH INFO
Day 2 at Mount Maunganui
England 353
Stokes 91, Denly 74, Southee 4-88
New Zealand 144-4
Williamson 51, S Curran 2-28
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
