In New Delhi, Oil Minister Hardeep Singh Puri on Thursday called for intensifying the search for oil and gas to reduce India's dependence on imports and make the fuel available in an affordable and sustainable manner.
Speaking at the Urja Varta conference, he said that the exploration and production (E&P) sector is an integral part of the path towards energy self-sufficiency, which is fundamental for sustained economic growth.
"Exploration and production offers investment opportunities worth $100 billion through 2030," he said.
Stating that India's exploration and production potential is still untapped, he said, "I find it strange that India is so dependent on oil imports despite the abundant geological resources we have."
Indian sedimentary basins contain around 651.8 million tonnes of crude oil and 1,138.6 billion cubic meters of natural gas, he said.
Puri said only 10 per cent of our sedimentary basin area is under exploration, which will increase to 16 per cent by the end of 2024, once the current supply ends.
"The focus of our exploratory efforts must turn toward the discovery of 'yet-to-be-found' resources," he said.
India imports more than 85 percent of its crude oil needs. Crude oil is converted into fuels such as gasoline and diesel in refineries.
"The government is doing its part to catalyze investments in exploration and production. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to the progress of our nation," he said, adding : "We intend to increase India's exploration area." to 1 million square kilometers by 2030."
The minister said that since its inception in 2015, the Discovered Small Fields (DSF) Policy has garnered investments of approximately $2 billion and attracted 29 new players in the field.
"The opening of previously prohibited areas has paved the way for exploration activities in previously restricted areas, encouraging investments, especially in regions like the Andamans," he said.
Puri announced the formation of a Joint Working Group (JWG), comprising representatives of private exploration and production operators, national oil companies, MoPNG and DGH to examine issues related to ease of doing business in exploration and production, suitability of policies and procedures and need. for review of it.
"It will present its recommendations within eight weeks," he added.
Speaking at the Urja Varta conference, he said that the exploration and production (E&P) sector is an integral part of the path towards energy self-sufficiency, which is fundamental for sustained economic growth.
"Exploration and production offers investment opportunities worth $100 billion through 2030," he said.
Stating that India's exploration and production potential is still untapped, he said, "I find it strange that India is so dependent on oil imports despite the abundant geological resources we have."
Indian sedimentary basins contain around 651.8 million tonnes of crude oil and 1,138.6 billion cubic meters of natural gas, he said.
Puri said only 10 per cent of our sedimentary basin area is under exploration, which will increase to 16 per cent by the end of 2024, once the current supply ends.
"The focus of our exploratory efforts must turn toward the discovery of 'yet-to-be-found' resources," he said.
India imports more than 85 percent of its crude oil needs. Crude oil is converted into fuels such as gasoline and diesel in refineries.
"The government is doing its part to catalyze investments in exploration and production. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to the progress of our nation," he said, adding : "We intend to increase India's exploration area." to 1 million square kilometers by 2030."
The minister said that since its inception in 2015, the Discovered Small Fields (DSF) Policy has garnered investments of approximately $2 billion and attracted 29 new players in the field.
"The opening of previously prohibited areas has paved the way for exploration activities in previously restricted areas, encouraging investments, especially in regions like the Andamans," he said.
Puri announced the formation of a Joint Working Group (JWG), comprising representatives of private exploration and production operators, national oil companies, MoPNG and DGH to examine issues related to ease of doing business in exploration and production, suitability of policies and procedures and need. for review of it.
"It will present its recommendations within eight weeks," he added.
