Houston, United States is India's sixth largest energy trading partner and growing bilateral trade has the potential to cross the $500 billion mark from $200 billion currently, Oil Minister Hardeep said Singh Puri.
Hydrocarbon trade between the two countries reached $13.6 billion in 2023-24, almost double that of 2018-19, Puri said at a roundtable with energy companies.
The panel discussion, held on the sidelines of the Gastech 2024 global energy conference, was attended by Mukesh Aghi, Chairman and CEO, USISPF, and Consul General of India in Houston, D C Manjunath, among others.
Puri said the United States is now India's sixth largest energy trading partner, with hydrocarbon trade valued at $2.43 billion in the first two months of fiscal year 2024-25.
This momentum indicates the potential for total bilateral trade to increase from around $200 billion to more than $500 billion, he said.
During his visit, the minister also interacted with stakeholders from the US-India Business Council (USIBC), US-India Strategic Partnership Forum (USISPF) and industry leaders to underline the importance of energy partnership between United States and India.
The conference was organized by USISPF, an advocacy group dedicated to strengthening the strategic partnership between the United States and India.
Puri highlighted India's leadership during his G20 presidency, where he launched the Global Biofuels Alliance in collaboration with the United States and other like-minded countries.
This initiative aims to develop and implement low-carbon solutions, further reinforcing the commitment to sustainable energy practices.
In a meeting with Brad Crabtree, assistant secretary of the US Department of Energy's Office of Fossil Energy and Carbon Management, Puri discussed the unique challenges India faces as the third-largest consumer of hydrocarbons as it aims for net-zero emissions by 2070. .
The debate covered issues such as carbon capture, utilization and storage (CCUS) as a vital solution to improve energy security and emissions reduction, along with advances in CO2 removal and innovative biofuels.
Puri also hailed the signing of four crucial agreements between IGL Social and its US counterparts at the India Pavilion, saying these pacts pave the way for new clean energy initiatives and contribute to India's energy resilience and self-sufficiency under the leadership of Prime Minister Narendra Modi.
Collaborating with leaders from Vitol, Baker Hughes and Woodside Energy, Puri explored investment and collaboration opportunities to meet India's growing energy demand in a sustainable manner.
Discussions focused on harnessing advanced technologies in hydrogen, geothermal energy and carbon capture, with Baker Hughes providing cutting-edge solutions for deepwater exploration and emissions reduction.
Puri also encouraged Shell USA to participate in the upcoming Open Surface Licensing Policy (OALP) bidding rounds, highlighting the ministry's efforts to improve the "ease of doing business" in the exploration and production sector.
Shell executives expressed confidence in India's growth story and showed keen interest in its rapidly developing LNG sector.
The minister also participated in the 'Ek Ped Maa Ke Naam' initiative at the Consulate General of India and planted a sapling as a symbol of reverence to mother nature.
Hydrocarbon trade between the two countries reached $13.6 billion in 2023-24, almost double that of 2018-19, Puri said at a roundtable with energy companies.
The panel discussion, held on the sidelines of the Gastech 2024 global energy conference, was attended by Mukesh Aghi, Chairman and CEO, USISPF, and Consul General of India in Houston, D C Manjunath, among others.
Puri said the United States is now India's sixth largest energy trading partner, with hydrocarbon trade valued at $2.43 billion in the first two months of fiscal year 2024-25.
This momentum indicates the potential for total bilateral trade to increase from around $200 billion to more than $500 billion, he said.
During his visit, the minister also interacted with stakeholders from the US-India Business Council (USIBC), US-India Strategic Partnership Forum (USISPF) and industry leaders to underline the importance of energy partnership between United States and India.
The conference was organized by USISPF, an advocacy group dedicated to strengthening the strategic partnership between the United States and India.
Puri highlighted India's leadership during his G20 presidency, where he launched the Global Biofuels Alliance in collaboration with the United States and other like-minded countries.
This initiative aims to develop and implement low-carbon solutions, further reinforcing the commitment to sustainable energy practices.
In a meeting with Brad Crabtree, assistant secretary of the US Department of Energy's Office of Fossil Energy and Carbon Management, Puri discussed the unique challenges India faces as the third-largest consumer of hydrocarbons as it aims for net-zero emissions by 2070. .
The debate covered issues such as carbon capture, utilization and storage (CCUS) as a vital solution to improve energy security and emissions reduction, along with advances in CO2 removal and innovative biofuels.
Puri also hailed the signing of four crucial agreements between IGL Social and its US counterparts at the India Pavilion, saying these pacts pave the way for new clean energy initiatives and contribute to India's energy resilience and self-sufficiency under the leadership of Prime Minister Narendra Modi.
Collaborating with leaders from Vitol, Baker Hughes and Woodside Energy, Puri explored investment and collaboration opportunities to meet India's growing energy demand in a sustainable manner.
Discussions focused on harnessing advanced technologies in hydrogen, geothermal energy and carbon capture, with Baker Hughes providing cutting-edge solutions for deepwater exploration and emissions reduction.
Puri also encouraged Shell USA to participate in the upcoming Open Surface Licensing Policy (OALP) bidding rounds, highlighting the ministry's efforts to improve the "ease of doing business" in the exploration and production sector.
Shell executives expressed confidence in India's growth story and showed keen interest in its rapidly developing LNG sector.
The minister also participated in the 'Ek Ped Maa Ke Naam' initiative at the Consulate General of India and planted a sapling as a symbol of reverence to mother nature.
