Union Minister Hardeep Puri announces key energy deals at India Energy Week 2025

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Thursday announced a series of key energy agreements signed during India Energy Week 2025, in New Delhi.

Speaking at the event, Puri stated that Hindustan Petroleum Corporation Limited (HPCL) has entered into an optional term contract with Brazil’s Petrobras for the import of up to six million barrels of Brazilian crude grades.

“This is another milestone towards India’s energy security and diversification of our resources,” the Minister said.

As part of efforts to diversify crude oil imports, BPCL signed an optional term contract with Petrobras, Brazil, to import up to six million barrels of crude.

Strengthening India’s transition to a natural gas-based economy, IOCL and ADNOC (UAE) signed a USD seven billion contract to source 1.2 MMTPA LNG for 14 years starting in 2026, while BPCL and ADNOC entered into a five-year LNG offtake agreement for 2.4 MMT, extendable by another five years.

Expanding India’s role as a regional energy supplier, IOCL signed its first LNG export agreement with Nepal’s Yogya Holdings, ensuring the delivery of 1,000 metric tons (TMT) annually via cryogenic trucks through Odisha’s Dhamra Terminal.

On the technical front, ONGC selected BP as the Technical Services Provider for the Mumbai High field, India’s largest offshore oilfield.

BP will conduct a comprehensive review of field performance, implement technological improvements, and work to stabilise and enhance production. Additionally, EIL signed an 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 digitalisation.

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 emphasised 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.