India’s Hydrocarbon Outlook 2024 204 A Report on Exploration & Production Activities emissions. Despite this significant total, India’s per capita CO2 emissions are relatively low at approximately 1.9 tonnes per annum, which is less than 40% of the global average. India has set a bold trajectory towards a sustainable future by pledging to achieve net-zero emissions by 2070. This landmark commitment, known as PANCHAMRIT, was announced by the Hon’ble Prime Minister during the 26th Conference of Parties (COP26) in Glasgow, showcasing India’s unwavering dedication to combating climate change on the global stage. India’s energy mix is crucial for achieving these ambitious targets. As per Statistical Review 2023 of World Energy by Energy institute, Energy consumption in India is heavily reliant on fossil fuels, with 89% coming from oil, gas, and coal, while only 11% is derived from renewable sources. Achieving net-zero emissions by 2070 requires a holistic approach, including transitioning to new & renewable energy sources, enhancing hydrocarbon efficiency, promoting electrification of transportation, expanding forest cover, investing in carbon capture and storage, reducing dependency on coal, implementing supportive policies, fostering international collaboration, raising public awareness, encouraging green technology investment, and developing adaptation strategies. Hydrocarbon Efficiency in E&P Operations: Hydrocarbon efficiency plays a crucial role in oil and gas exploration operations by optimizing resource utilization, minimizing gas flaring, venting, leakages and enhancing overall operational effectiveness. This involves optimizing processes to maximize hydrocarbon extraction and emission reduction through Enhanced Oil Recovery (EOR), reducing flaring and venting by capturing and utilizing associated gas, reducing fugitive emissions through Leak Detection and Repair (LDAR), adopting low-carbon technologies like Carbon Capture and Storage (CCS) and integrating renewable energy sources. Carbon Capture Utilisation and Storage (CCUS): CCUS has emerged as a pivotal technology for mitigating climate change. CCUS involves the capture of CO2, typically through chemical or physical processes, followed by transportation to designated sites for utilization or injection into geological formations or depleted oil and gas fields for permanent storage and trapping of the CO2. Countries like Norway, United States of America, Canada, and the United Kingdom are spearheading CCUS initiatives through robust policies and significant investments. The Intergovernmental Panel on Climate Change (IPCC) underscores the essential role of carbon capture in achieving global decarbonization targets. According to the IEA, approximately 45 commercial facilities are already in operation
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