Latest news with #Guyana-scale
India Gazette
3 days ago
- Business
- India Gazette
Union Minister Hardeep Singh Puri concludes
Reykjavik [Iceland], July 13 (ANI): Union Minister Hardeep Singh Puri concluded a 'fruitful and productive' visit to Iceland, highlighting the shared spirit of innovation and positive energy between the two nations. During his visit, Deputy Permanent Secretary of State of Iceland, Bergdis Ellertsdottir hosted a dinner for Puri. The Icelandic Ambassador to India, Benedikt Hoskuldsson and several experts from the energy, trade, and multilateral sectors also attended the dinner. Puri expressed his gratitude to the people and energy professionals of Iceland for their warmth and hospitality. 'India & Iceland may be geographically apart, but we share the common spirit of innovation and positive energy to take our people towards a glorious future. Concluded a very fruitful & productive visit to Iceland with a dinner graciously hosted for the Indian delegation by Deputy Permanent Secretary of State of Iceland, Bergdis Ellertsdotti,' the Union Minister said in a post on X. 'We were joined by the Icelandic Ambassador to India, Amb. Benedikt Hoskuldsson, and several energy, trade and multilateral experts. Deeply grateful to the people and energy professionals of Iceland for their warmth and hospitality,' he added. Earlier, the Union Minister attended the 9th OPEC International Seminar in Vienna, Austria and highlighted that India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030. With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna. India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region. India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10. The minister interacted on 'Oil Markets: Energy Security, Growth and Prosperity' with an audience of leaders, captains and professionals of the global energy sector at the Seminar. (ANI)
India.com
4 days ago
- Business
- India.com
India's purchase of Russian oil helped bring down global prices: Hardeep Puri
New Delhi: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India's purchases of Russian crude oil had helped to bring down global energy prices to stable levels. In an interview with a foreign news channel, Puri said, 'Russia is one of the largest crude producers with over 9 million barrels/day. Imagine the chaos if this oil, amounting to about 10 per cent of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the consumers would be chasing reduced supplies, the prices would've spiralled to over $120-130.' 'India, under the leadership of Prime Minister Narendra Modi, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability,' the minister said. He explained that Russian oil was never under global sanctions. 'Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could,' the minister said. 'Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgments on our policies,' he added. The minister pointed out that India continues to provide clean cooking gas to 330 million households in the country at the lowest prices in the world, while it provides universal clean cooking to more than 103 million beneficiary families under the PM Ujjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day. Meanwhile, the minister also said, in a statement on X, that India plans to explore and drill for oil and gas with a whole new momentum across 2.5 lakh sq km in Round 10 under the Open Acreage Licensing Policy (OALP). He highlighted that India's target is to increase the country's exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030. Being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, he added.
India Gazette
6 days ago
- Business
- India Gazette
India aims to increase hydrocarbons exploration acreage to 1 million sq km by 2030: Hardeep Puri
Vienna [Austria], July 9 (ANI): India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030, Union Minister for Petroleum and Natural Gas Hardeep Puri said. With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna. India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region. India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10. The minister interacted on 'Oil Markets: Energy Security, Growth and Prosperity' with an audience of leaders, captains and professionals of global energy sector at the Seminar. This ambition to double exploration acreage, according to the Minister, is supported by a series of policy reforms including shifting from a Production Sharing Contract regime to a Revenue Sharing Model under HELP, and amendments to ORD Act 1948 to provide a robust framework for managing leases, improving safety, enabling dispute resolution, and supporting the integration of renewable energy sources in hydrocarbon projects. In addition, the government is reducing 'No-Go' areas by 99 per cent, and in the process freeing up over 1 million sqkm for exploration and production (E&P), and significant investments in basin data acquisition through national projects such as the National Seismic Program (NSP), Andaman Offshore Project, Mission Anveshan, and the Extended Continental Shelf Survey. India is the world's third-largest energy consumer with a demand of about 5.4 million barrels of oil per day. 'India's energy strategy is rooted in pragmatism, resilience, and fairness. India is both a structural growth engine and a long-term stabilizer of global oil markets,' the minister said. At the Seminar, the minister said India will contribute 25 per cent of the incremental global energy demand growth in future. 'We are navigating today's volatile global energy landscape through a multi-dimensional approach that includes diversifying our crude import sources from 27 to 40 countries now, enhancing domestic production, developing alternative fuel sources, transition towards gas based economy and aiming to become a global refining hub by increasing our refining capacity to 310 MMTPA by 2028 and augmenting petrochemical capacity to be a USD 300 billion industry by 2030,' the minister said. Even as the world was dealing with geopolitical difficulties, Puri said India successfully navigated the trilemma of energy availability, affordability, and sustainability; and was the only major economy in the world to reduce fuel prices even as oil prices skyrocketed globally. He apprised the Seminar that India aims to achieve energy independence by 2047 and reach Net Zero emissions by 2070. He also highlighted India's green energy transition, referring to biofuels. India launched the Global Biofuels Alliance which has over 29 countries and 14 international organisations, working together to scale up sustainable biofuels. Domestically, India is accelerating the use of ethanol, CBG, biodiesel and SAF as part of its decarbonization roadmap, the minister added. India today imports 80 per cent of its oil and 50 per cent of its natural gas needs. India is now importing oil and gas from as many countries as possible to meet its demand. (ANI)
Hans India
6 days ago
- Business
- Hans India
Hardeep Puri highlights huge oil potential in India's Andaman Sea at OPEC seminar
New Delhi: India plans to explore and drill for oil and gas with a whole new momentum across 2.5 lakh sq kms in Round 10 under the Open Acreage Licensing Policy (OALP), Minister of Petroleum and Nautural Gas Hardeep Singh Puri said on Wednesday at the 9th OPEC International Seminar in Austria's capital, Vienna. 'Being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country under the dynamic leadership of Prime Minister Narendra Modi,' the minister informed the captains and professionals of the global energy sector at the seminar. He highlighted that India's target is to increase the country's exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030. This ambition is supported by a series of policy reforms in including shifting from a Production Sharing Contract regime to a Revenue Sharing Model under HELP, and amendments to ORD Act 1948 to provide a robust framework for managing leases, improving safety, enabling dispute resolution, and supporting the integration of renewable energy sources in hydrocarbon projects, Puri explained. He said that this is in addition to reducing 'No-Go' areas by 99 per cent, thereby freeing up over 1 million sqkm for exploration and production, and significant investments in basin data acquisition through national projects such as the National Seismic Program (NSP), Andaman Offshore Project, Mission Anveshan, and the Extended Continental Shelf Survey, thereby laying a strong data-driven foundation for India's upstream growth. Puri further stated that as the world's third-largest energy consumer with a demand of about 5.4 million barrels of oil per day, India's energy strategy is rooted in pragmatism, resilience, and fairness. 'India is both a structural growth engine and a long-term stabiliser of global oil markets. We will contribute about 25 per cent of incremental global energy demand growth in future,' he observed. The minister said that India was navigating today's volatile global energy landscape through a multi-dimensional approach that includes diversifying our crude import sources from 27 to 40 countries now, enhancing domestic production, developing alternative fuel sources and transitioning towards a gas-based economy. India is also aiming to become a global refining hub by increasing its refining capacity to 310 MMTPA by 2028 and augmenting the petrochemical capacity to be a $300 billion industry by 2030, he added. Puri said that even as the world was dealing with geopolitical difficulties, India successfully navigated through the trilemma of energy availability, affordability and sustainability. It was the only major economy in the world to reduce fuel prices even as oil prices skyrocketed around the world. India aims to achieve energy independence by 2047 and reach net-zero emissions by 2070. He further stated that India strongly believes that biofuels are a critical pillar in the global energy transition, especially for countries balancing development and decarbonisation. 'We launched the Global Biofuels Alliance, which has over 29 countries and 14 international organisations, working together to scale up sustainable biofuels. Domestically, India is accelerating the use of ethanol, CBG, biodiesel and SAF as part of our decarbonization roadmap,' the minister added.
Economic Times
16-06-2025
- Business
- Economic Times
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
Andaman crude oil reserve: 'Only a matter of time before we find a big Guyana' Exploration costs high, but so are the stakes From import-reliant to energy-resilient? Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel 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 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 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 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 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 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.
