New Delhi, July 11, 2024 : The Exploration and Production (E&P) sector offers investment opportunities worth 100 billion USD by 2030, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas here today. The Minister was speaking at the inaugural session of first edition of Urja Varta. Addressing the distinguished gathering, he underscored the importance of the exploration and production (E&P) sector in achieving energy self-sufficiency and sustaining economic growth. He highlighted the vast potential of India’s 26 sedimentary basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped.
Despite our substantial progress, the Minister said, “Only 10% of our sedimentary basin area is under exploration today. After the award of blocks under the forthcoming Open Acreage Licensing Policy (OALP) Rounds, it will increase to 16% by end-2024.”
Highlighting the need to streamlining operational and regulatory processes, Shri Puri stressed that “The government is doing its part to catalyse investments in E&P. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to our nation’s progress”, he added. He said that we intend to increase India’s exploration acreage to 1 million sq. km. by 2030.
“No- Go” areas in India’s EEZ have been reduced by almost 99%”, Shri Puri added further.
Minister talked about accelerated pace of exploration activities through initiatives like the OALP and the Discovered Small Field (DSF) Policy. “Through the first 8 OALP bid rounds, a total of 144 blocks covering approximately 244,007 sq. km. have been awarded and recently announced OALP IX round offers an area of approximately 136,596 sq. km. spread over 8 sedimentary basins, with the vision of expanding nation’s footprint in offshore exploration”, he noted. He said, the Discovered Small Field (DSF) Policy, since its inception in 2015, has garnered investments of approximately 2 billion USD and brought in 29 new players in the field.
This two-day conclave, being held on 11th and 12th July and organized by the Directorate General of Hydrocarbons (DGH), aims to unlock India’s untapped upstream hydrocarbon resources sustainably. It serves as a vital platform for dialogues and deliberations on the future of India’s hydrocarbon sector, fostering investment, innovation, partnerships, and sustainable growth.
