A key feature of IEW 2025 will be a special start-up pavilion that highlights the growing innovation in India’s energy sector. The pavilion will host the winners of two prestigious energy startup challenges: Avinya’25 and Vasudha, announced last week by Minister of Petroleum and Natural Gas, Hardeep Singh Puri.

In a special ceremony held at the ONGC headquarters, Puri revealed the winners of Avinya’25, India’s premier energy startup competition, which was awarded to UrjanovaC Pvt Ltd. The runners-up included Breathe ESG Private Limited, AgriVijay, Apeiro Energy, and UGreen Technology. Meanwhile, Latin Energy Partners Inc. from Paraguay won the Vasudha challenge, a global startup competition focusing on the upstream oil and gas sector, with Ultrasound Process Consulting LLC from the USA securing second place.

Speaking about these developments, Minister Puri emphasized the crucial role of Public Sector Undertakings (PSUs) under the Ministry of Petroleum and Natural Gas in nurturing innovation. Through a Rs. 547.35 crore startup fund, these PSUs have supported 303 start-ups with Rs. 286.36 crore in funding, driving growth in India’s burgeoning startup ecosystem.

“The winning start-ups will receive significant exposure at IEW 2025, where they will present their cutting-edge solutions to over 70,000 professionals from across the globe,” said Puri.

The India Energy Week event has seen substantial growth since its inception, and this year’s edition is expected to be one of the largest yet. More than 700 companies will exhibit, and 500 speakers will share insights across key areas of energy transition, sustainability, and innovation. Additionally, more than 6,000 delegates are expected to attend, reinforcing India’s position as a leader in the global energy sector.

Startups Paving the Way for Energy Transition

Indian start-ups are increasingly playing a vital role in shaping the future of the energy sector. Innovations presented at the IEW start-up pavilion are expected to address the critical challenges of energy security, transition, and sustainability.

Pankaj Jain, Secretary of the Ministry of Petroleum and Natural Gas, recently urged young innovators to explore new ways to mine seismic data for hydrocarbon exploration. “We have vast amounts of seismic data, and I encourage our brightest minds to develop solutions to mine and analyze this data to contribute to India’s energy exploration efforts,” Jain said.

Industry veterans such as Sarthak Behuria, Former Chairman of IOCL and ONGC, and Dr. Suddhasatwa Basu, FIPI Chair Professor at IIT Delhi, have lauded the innovative energy solutions showcased during the Avinya’25 program. Behuria emphasized the importance of such platforms in fostering energy security, transition, and affordability, while Basu highlighted the rigorous selection process that identified the most promising startups.

India’s Growing Startup Ecosystem

India continues to reinforce its position as a global startup hub. The country’s entrepreneurial landscape is flourishing, with over 1.57 lakh startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as of December 2024. This vibrant startup ecosystem, which includes more than 100 unicorns, is poised to drive transformative growth in multiple sectors, including energy.

With the support of government policies, such as the startup fund, and platforms like IEW, India is accelerating its energy transition and fostering innovation that will contribute to its ambitious renewable energy goals.

India Energy Week 2025 will serve as a pivotal moment in showcasing the country’s capabilities in energy innovation, while further strengthening its global leadership in the clean energy transition.

The post Indian Start-ups to Showcase Innovations at India Energy Week appeared first on FolksTimes.

The bill, introduced by Union Petroleum and Natural Gas Minister Hardeep Singh Puri, aims to regulate the exploration and extraction of natural gas and petroleum. The amendment broadens the definition of mineral oils to incorporate petroleum, natural gas, coal bed methane, and shale gas/oil. However, it clarifies that mineral oils will exclude coal, lignite, or helium.

In addition, the amended bill introduces the concept of petroleum leases, which will cover various activities such as exploration, prospecting, production, making merchantable, and disposal of mineral oils. Prospecting, the initial stage in searching for oil and gas fields, will involve assessing potential petroleum accumulations across large areas.

The bill replaces the mining lease system with a petroleum lease system to cover similar activities, although existing mining leases granted under the old Act will remain valid.

The amendment empowers the central government to establish rules on a variety of matters, including regulating the grant of leases, lease terms and conditions, conservation and development of mineral oils, and the manner of collecting royalties, fees, and taxes. The central government will also set rules concerning the merger and combination of petroleum leases, the sharing of production and processing facilities, and environmental protections aimed at reducing emissions. Alternative dispute resolution mechanisms related to petroleum leases are also included in the new bill.

Regarding violations of the rules, the bill proposes to increase the punishment and penalty. The fine for violations will rise from Rs 1,000 to Rs 25 lakh. For cases of exploring, prospecting, and producing oil without a valid lease, the penalty will be Rs 25 lakh, with continued violations attracting a penalty of Rs 10 lakh per day.

To resolve disputes, the central government will appoint an officer of joint secretary rank or above for the adjudication of penalties. Appeals can be made to the Appellate Tribunal as specified in the Petroleum and Natural Gas Board Regulatory Board Act, 2006.

The post Rajya Sabha Passes Oilfields (Regulation and Development) Amendment Bill, 2024 appeared first on FolksTimes.