New Delhi, Sep 27: India’s hydrogen era has begun, as the nation targets 5 million metric tonnes (MMT) of green hydrogen production per year by 2030, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Saturday.

This led to the cost of green hydrogen dropping from $3.50 per kilogram (kg) to $3 per kg, unlocking $150 billion in savings on imports.

The union minister, in a post on X, informed that public sector units (PSUs) are planning to achieve a 1 MMT capacity by 2030, and tenders for 42 kilo tonnes per annum (KTPA) will rise to 170 KTPA.

Puri emphasised that India is moving forward to capture 10 per cent of the global hydrogen market under Prime Minister Narendra Modi's leadership. Green hydrogen projects of around 900 KTPA capacity have already been awarded to 19 companies, he added.

In a separate X post, the minister said India sits at the heart of the global energy equation as the world’s third-largest energy consumer, third-largest crude importer, and fourth-largest refiner.

"With 651.8 million metric tonne (MMT) of recoverable crude oil and 1,138.6 billion cubic meter (BCM) of recoverable natural gas, the nation is poised to unlock hidden energy opportunities," Puri said.

The nation is committed to large-scale investments, fiscal incentives, and policy simplification to catalyse upstream activity, he added.

According to the Petroleum Minister, the last decade has seen bold reforms transitioning from a new exploration licensing policy (NELP) to a hydrocarbon exploration and licensing policy (HELP), from a ‘production sharing’ regime to a ‘revenue sharing’ regime, launching open acreage licensing policy (OALP) rounds.

The OALP Round X was the single largest bid round, with acreage offered 1.92 lakh sq km.

"Our efforts have delivered strong results. Investments of Rs 1.4 lakh crore in exploration and production (E&P) have driven major progress, with 578 wells drilled in FY25 — ONGC’s highest in 35 years — and over 5,000 exploratory and development wells, including robust offshore programmes," the minister noted.

(IANS)