India close to hitting Guyana-type 2 lakh crore liter jackpot in Andaman that may make us $20 trillion economy, says Oil Minister Hardeep Puri
Exploration costs high, but so are the stakes
From import-reliant to energy-resilient?
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India's Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has revealed that India is very close to discovering a Guyana-scale oil field in the Andaman Sea, which could hold as much as 184,440 crore litres of crude oil. In an interview with The New Indian, Hardeep Singh Puri said the government's recent reforms and aggressive exploration drive are laying the groundwork for a major find. He added that apart from smaller finds, a large-scale oil discovery in the Andaman region—similar to Guyana's—could help expand India's economy from $3.7 trillion to $20 trillion. If confirmed, a find of this scale—comparable to Guyana's 11.6 billion barrel discovery—could reshape India's energy landscape.'When I made this statement about the Krishna Godavari Basin, at that point in time, that was one place. Now we have found green shoots, oil, and several other places. And I think it's only a matter of time before we find a big Guyana in the Andaman Sea. So that is ongoing.'The minister's confidence follows increased drilling in previously inaccessible areas and a major push to attract investment in exploration.Puri also pointed out the high costs involved in finding the oil drills. 'It costs a lot of money. In Guyana, they dug 43 or 44 wells, each costing $100 million. It's on the 41st that they found it," he said. 'Here, ONGC this year has dug the maximum number of wells. Highest in 37 years.' In FY24, ONGC drilled 541 wells—103 exploratory and 438 development—investing ₹37,000 crore in capital expenditure, the highest in its history.If exploration in the Andaman succeeds, India could significantly reduce oil imports and boost its economic position. India continues to rely heavily on crude oil imports to meet its energy needs. Government data shows that more than 85% of the country's crude oil is sourced from international suppliers. Globally, India ranks as the third-largest importer of crude oil, following the United States and China.During the interview, Hardeep Puri drew a comparison to Guyana's oil discovery made by Hess Corporation and China's CNOOC. That discovery, which uncovered an estimated 11.6 billion barrels of oil and gas, transformed Guyana into a significant player in the global energy market. It now stands 17th in the world in terms of oil reserves.Within India, crude oil production is currently concentrated in regions like Assam, Gujarat, Rajasthan, Mumbai High, and the Krishna-Godavari Basin. Strategic petroleum reserves are also maintained at Visakhapatnam, Mangalore, and Padur, with additional sites proposed in Odisha and Rajasthan.Exploration activities are now expanding to the Andaman and Nicobar Islands, where companies such as Oil India and ONGC have begun survey and drilling operations in search of new reserves.
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