Modi govt opened up one million sq km basin in big push for India's oil-gas hunt, says Hardeep Puri
'Thanks to Prime Minister Narendra Modi's visionary leadership, this entire 'No-Go' area has now been opened - to boost domestic output and cut import dependence,' the minister said.
He further stated that, along with the new law to govern exploration and production, several measures have been taken towards ease of doing business in the oil and gas exploration and production (E&P) sector.
The Modi government has replaced the earlier New Exploration and Licensing Policy (NELP) with the Open Acreage Licensing Policy (OALP) to accelerate the oil and gas hunt in the country.
Under OALP IX, around 38 per cent of bids came for these newly opened zones, while in the next round of OALP X, this figure could rise to 75 per cent, the minister said.
He pointed out that OALP X is India's largest ever round with as many as 25 Blocks on offer for oil and gas exploration in 13 sedimentary basins of the country, stretching across a vast 1,91,986.21 sq. km area.
While six of these hydrocarbon exploration blocks are on land, six are in offshore shallow water, one is in deep water, and 12 are in ultra-deep-water areas, Puri explained.
'The spotlight is now turning towards high-potential zones. The Andaman Sea, once unexplored, may soon emerge as India's Guyana-scale success story. And then, that's going to be truly India's Big Oil Moment!' the minister remarked.
The minister had earlier said that the Indian hydrocarbon sector is entering a new era of accelerated exploration and development through investor-friendly reforms, swift approvals, scientific exploration, and a strong emphasis on sustainability.
Minister Puri stated that in the next two decades, 25 per cent of the world's incremental energy demand growth will come from India
Reflecting on the past, Puri said 2006 and 2016 were a 'dull decade' marred by policy paralysis and procedural delays, leading to the exit of global energy giants like BG, ENI, and Santos. However, the tide has turned. 'We were determined to unlock India's untapped energy potential, estimated at approximately 42 billion tonnes of oil and oil equivalent of gas,' he added.
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