Addressing the 'Energy Dialogue 2024' at the Bharat Mandapam here, he said, "Despite our progress, much of our exploration and production potential in India's 26 sedimentary basins still remains untapped. Despite the abundant geological resources available to us. "
“Our efforts in the past have fallen well short of what needs to be done in the E&P sector,” he said.
The minister also highlighted that, as of now, 10 per cent of the country's sedimentary blocks are under exploration. He said 16 per cent would come under exploration after the completion of the 10th Open Acreage Licensing Program (OALP) round.
The Union Minister said that the government is able to control oil prices due to neutral policies.
The minister also mentioned increased oil purchases from Russia which have helped India keep fuel prices under control.
"There was global turmoil. We could have followed the advice the West was giving us and not taken oil from any particular country and then oil prices would have gone up," the minister said.
“Our efforts in the past have fallen well short of what needs to be done in the E&P sector,” he said.
The minister also highlighted that, as of now, 10 per cent of the country's sedimentary blocks are under exploration. He said 16 per cent would come under exploration after the completion of the 10th Open Acreage Licensing Program (OALP) round.
The Union Minister said that the government is able to control oil prices due to neutral policies.
The minister also mentioned increased oil purchases from Russia which have helped India keep fuel prices under control.
"There was global turmoil. We could have followed the advice the West was giving us and not taken oil from any particular country and then oil prices would have gone up," the minister said.
