India's energy sector is rising through global uncertainty: Hardeep Puri
"While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA), and Jamnagar is now Asia's largest refinery, exporting petroleum products to 100+ countries," the minister said in a post on X.
Highlighting the reforms in the upstream oil & gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business.
"Prime Minister Narendra Modi's vision is driving India's energy security through resilience with over $1.3 billion having been invested in the upstream segment to increase oil exploration and production," he said.
The minister has also recently highlighted in the Parliament that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022.
Since 2015, Exploration and Production (E&P) companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. Puri highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system.
The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin's proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region, the minister explained.
In a significant development, ONGC and Oil India Ltd (OIL) have launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the minister further stated.
These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, the minister said.
Providing an overview of the exploration outcomes so far, the Minister informed that ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
29 minutes ago
- The Hindu
India-U.K. FTA offers mutual growth, says Trade Commissioner
The U.K.-India Comprehensive Economic and Trade Agreement (CETA) deal would mutually benefit both nations and promote mobility, innovation, inclusivity, support jobs, boost exports, and strengthen cross-border trade and economic growth, said Harjinder Kang, Trade Commissioner, South Asia, and British Deputy High Commissioner, Western India, at the Bangalore Chamber of Industry and Commerce (BCIC) organised roundtable here on Tuesday. 'The vision also aligns with the U.K.'s modern industrial strategy which will help businesses overcome barriers to investment across sectors,' he commented, while addressing BCIC members. Chandru Iyer, British Deputy High Commissioner, Karnataka and Kerala and Deputy Trade Commissioner, South Asia (Investment), further explained how this strategic partnership could unlock new opportunities for bilateral growth and collaboration. 'Indian-owned companies are already thriving in the U.K., driving jobs in high-growth sectors such as aerospace, technology, and advanced manufacturing. Indian businesses are making the most of the U.K.'s ecosystem and the U.K.-India CETA will boost this further,' he observed. He further said he was confident that the new comprehensive strategic partnership would see closer partnerships in defence, education, climate, technology, and innovation. The technology security initiative (TSI), signed last year, would lead to increased collaboration in areas including telecom security which would unlock investment across emerging technologies, critical minerals, AI, biotech advanced materials and semiconductors, he stated. 'We believe that this agreement will have a significant impact on our economies and will support job creation, technology transfer, and innovation. With its potential to double bilateral trade by 2030, this agreement is expected to have a lasting impact on both economies,' said Prashant Gokhale, president, BCIC.
Economic Times
29 minutes ago
- Economic Times
Possessions possess
Elias Canetti's said, 'To possess is to be possessed.' His idea encapsulates the complex relationship between ownership and its psychological implications. When we acquire possessions, whether material or intangible, there is a reciprocal effect that occurs. On one hand, the act of possessing provides a sense of control and power, as one gains ownership and influence over something or someone. However, simultaneously, this act of possession also possesses us, exerting an undeniable hold on our lives. The more we possess, the more we are consumed by the responsibilities, obligations and even emotional attachments. Hence, Canetti suggests that possession goes beyond the physical aspect, infiltrating our thoughts, emotions and identity, ultimately exerting a powerful influence on our lives. An everyday example further elucidates Canetti's statement. Nowadays, almost all of us possess high-end phones. But, in fact, these expensive gadgets have possessed us as we all have become slaves to them. We're all at sea without them. The great Persian mystic Jalaluddin Rumi says, 'Own nothing, for what you own eventually owns you.' We keep accumulating objects of material comforts only to be consumed by them sooner or later. It's like a snake swallowing and consuming its own tail. Try not to possess more than what's required. When possessions start possessing you and threaten to take your contentment away, it's time to bid farewell to them. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Economic Times
33 minutes ago
- Economic Times
Over 10,000 Indian startups rush to join UAE-India CEPA Council's series
ANI In just 50 days, the UAE-India Comprehensive Economic Partnership Agreement (CEPA) Council's Startup Series has attracted applications from more than 10,000 Indian entrepreneurs, underscoring the programme's role in accelerating the globalisation of homegrown Indian ventures. The Startup Series is the UAE-India CEPA Council's flagship initiative, designed to connect India's most promising innovators with the UAE's dynamic start-up ecosystem. Offering a comprehensive launchpad, from mentorship to regulatory guidance, the programme leverages the opportunities created under the UAE-India Comprehensive Economic Partnership Agreement (CEPA) to accelerate cross-border growth. The start-up series journey commenced on 24 June 2025, with a dynamic launch event in New Delhi, hosted by His Excellency Abdulnasser Alshaali, PhD, UAE Ambassador to India. Bringing together leading founders, investors, and policymakers from both nations, the event marked the official unveiling of the Start-up Series trailer to an audience poised with the launch event, the Startup Series, led by Ahmed Aljneibi, Director of the UAE-India CEPA Council, has travelled to eight leading Indian institutions, building partnerships and opening new pathways into the UAE's start-up ecosystem. At Banaras Hindu University in Varanasi, the Council partnered with the Atal Incubation Centre Mahamana Foundation for Innovation and Entrepreneurship, where rural-tech founders pitched solutions to transform lives and an MoU was signed to formalise future collaboration. In Gurugram, sessions at IILM University and the Master's Union School of Business brought live pitches and a strategic Q&A with the UICC leadership, paving the way for new MoUs linking Indian ventures to UAE journey continued to Bengaluru, where IIM Bangalore's NS Raghavan Centre for Entrepreneurial Learning hosted deep-dive roundtables on scaling tech and deep-tech ventures, with tailored advice on achieving product-market fit for the GCC. At IIM Calcutta Innovation Park, climate, mobility, and fintech founders explored how the CEPA can accelerate their international Greater Noida, engagements at Galgotias University and the Atal Incubation Centre - Birla Institute of Management Technology spotlighted health-tech, sustainability, and women-led enterprises, with UAE experts offering practical series culminated at IIT Delhi's Foundation for Innovation and Technology Transfer on August 4, where an MoU was signed, the Start-up Series trailer was premiered, and incubatees showcased their unique and forward-leaning innovations from agri-tech to defence and smart mobility, underscoring the breadth of opportunities awaiting Indian entrepreneurs in the UAE."From Varanasi to Bengaluru, Kolkata to Delhi, I've had the privilege of meeting hundreds of India's most ambitious founders - listening to their pitches, walking through their incubators, and seeing innovation in action. The Start-up Series is more than a roadshow; it's a bridge into the UAE's thriving start-up ecosystem. The partnerships we have signed, the mentorship we are offering, and the market access we are opening will give these entrepreneurs the tools they need to scale globally," said Aljneibi, director of the UAE-India CEPA the conclusion of the nationwide roadshow, the UAE-India CEPA Council's Start-up Series will now move into its next exciting phase. Applications close on August 15, after which 20 of India's most promising ventures will be shortlisted and invited to New Delhi to present their UAE expansion plans before a high-profile panel of experts from both these, five winners will be selected to receive fully sponsored market entry and incubation in the UAE. The prize package will include funded incubation, trade licences, tailored mentorship, and hands-on support to fast-track integration into the UAE's start-up ecosystem under the CEPA unprecedented growth in the UAE-India economic relationship, the Start-up Series is a practical example of how high-level trade and investment gains are being turned into real-world opportunities for bilateral trade surging to $100.05 billion in the 2024-25 financial year and UAE foreign direct investment into India tripling in just two years, the series offers a direct way for innovative Indian ventures to access the UAE's dynamic market, strengthen cross-border supply chains, and contribute to the next chapter of this rapidly deepening a concrete outcome of the UAE-India CEPA, the initiative delivers on Article 13.2 of the accord, which commits both countries to advancing cooperation in the start-up sector through closer links between incubators, accelerators, and related turning this commitment into a working platform for market access, mentorship, and investment, the Start-up Series is transforming the CEPA's ambitions into real opportunities for growth. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As 50% US tariff looms, 6 key steps that can safeguard Indian economy As big fat Indian wedding slims to budget, Manyavar loses lustre Why are mid-cap stocks fizzling out? It's not just about Trump tariffs. The airport lounge war has begun — and DreamFolks is losing Stock Radar: UNO Minda eyeing fresh 52-week high in next few weeks; check target and stop loss for long positions Buy, Sell or Hold: Antique recommends buy on Siemens; Avendus upgrades SBI to Buy post June quarter results Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 25% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
