IEW Ensures Energy Future for India

India took a decisive step toward securing its energy future at the India Energy Week (IEW) 2025, signing a series of strategic agreements aimed at diversifying crude oil and LNG imports, enhancing domestic production, and advancing clean energy initiatives. The deals, described as a major milestone in India’s energy security and transition efforts, were announced during the event in New Delhi.

Addressing a press conference, Union Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri, emphasized that these agreements mark a turning point in India's energy policy. He underscored the country’s commitment to strengthening global partnerships, ensuring energy affordability, and embracing cleaner fuel sources. He noted that these collaborations will not only enhance supply security but also drive technological advancements and support India's ambition of becoming a regional energy hub.

One of the key agreements saw Bharat Petroleum Corporation Limited (BPCL) signing an optional term contract with Brazil’s Petrobras for the import of up to six million barrels of crude oil. The deal is expected to reduce India's dependency on traditional oil suppliers and strengthen economic ties with South America.

In a significant push toward a natural gas-based economy, Indian Oil Corporation Limited (IOCL) and Abu Dhabi National Oil Company (ADNOC) finalized a $7 billion LNG supply contract, securing 1.2 million metric tons per annum (MMTPA) of LNG for 14 years starting in 2026. Additionally, BPCL signed a five-year LNG offtake agreement with ADNOC for 2.4 MMT, with an option to extend the contract.

For the first time, India has stepped into the LNG export market, with IOCL signing a landmark deal with Nepal’s Yogya Holdings. Under the agreement, 1,000 metric tons of LNG will be exported annually to Nepal via cryogenic trucks through Odisha’s Dhamra Terminal, marking a new era of cross-border energy trade.

On the domestic front, Oil and Natural Gas Corporation (ONGC) brought in BP as the Technical Services Provider for Mumbai High, India’s largest offshore oilfield. The British energy giant will review production levels, implement technological upgrades, and work toward reversing output declines. Engineers India Limited (EIL) also partnered with BP Business Solutions India Pvt. Ltd. to collaborate on refining, pipeline operations, and carbon emission reduction.

India’s offshore exploration efforts received a boost as ONGC Videsh Ltd. (OVL) and Petrobras signed an MoU for joint participation in oil and gas projects in Brazil, India, and third countries. Another agreement between Oil India Limited (OIL) and Petrobras focuses on deep and ultra-deep offshore exploration in India’s Mahanadi and Andaman basins under the government’s Hydrocarbon Exploration and Licensing Policy (HELP).

IEW 2025 also showcased India’s commitment to renewable and clean energy. BPCL and Israel’s Eco Wave Power announced plans to launch India’s first wave energy pilot project in Mumbai, exploring the potential of ocean waves as a sustainable energy source. Additionally, BPCL signed an MoU with the National Sugar Institute (NSI), Kanpur, to scale up bioethanol production from sweet sorghum, aligning with the government’s ethanol-blending program.

Further expanding its hydrocarbon trade, BPCL entered into an agreement with Equinor India Pvt. Ltd. for the purchase of LPG, including propane and butane. The deal will help bolster India’s LPG supply chain and energy security.

Minister Puri described these agreements as "transformational" for India's energy sector, ensuring affordable, sustainable, and secure energy access. He emphasized that India’s growing collaboration with global energy leaders would drive innovation, strengthen supply chains, and position the country at the forefront of the global energy transition.

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