Latest news with #KG-D6
New Indian Express
2 days ago
- Business
- New Indian Express
PM Modi announces National Deep Water Exploration Mission to find oil under seabed
NEW DELHI: Prime Minister Narendra Modi on Friday announced a National Deep Water Exploration Mission aimed at discovering oil and gas reserves beneath the seabed, as part of efforts to boost domestic production and reduce the country's multi-billion-dollar import bill. India is dependent on imports to meet as much as 88 per cent of its needs of crude oil, which is converted into fuels like petrol and diesel, and about half of its requirement of natural gas, which is used to generate electricity, produce fertilisers and converted to CNG to power automobiles. One reason for high import dependence is that the country is not endowed with easy-to-find reserves. Large oil and gas discoveries like KG-D6 of Reliance Industries and KG-DWN-98/2 of ONGC happened in the pre-2014 period in deep-sea blocks. "A huge portion of the budget is spent on importing petrol, diesel, gas, and other such resources... lakhs of crores of rupees go into this," Modi said. "If we weren't dependent on energy imports, that money could have been used for eradicating poverty, farmers' welfare and improving conditions in our villages... but instead, we have to send it to foreign countries." The government, he said, is now working to make the country self-reliant in energy. "To make India a developed nation, we are now embarking on a new phase of Samudra Manthan (Churning of the Ocean)," he said. "Building on this effort, we aim to work in mission mode to explore and discover oil and gas reserves beneath the sea. That's why India is launching the National Deep Water Exploration Mission - a significant step toward achieving energy independence." While the large discoveries of KG-D6 and KG-DWN-98/2 and a few more off the East Coast happened in areas awarded under the New Exploration Licensing Policy (NELP) prior to 2014, the Modi government has revamped the exploration policy, ushering in an open acreage licensing policy and opening up record area for exploration of oil and gas. Commenting on the announcement, Oil Minister Hardeep Singh Puri, in a post on X, said several key reforms, including legislation like the ORD Amendment Act, have been put in place to enhance exploration and production activities in India over the last few years. "52 discoveries have been made in the last five years, and 172 since 2014, including 66 offshore. Acreage of more than 0.38 million square kilometres has been awarded (for exploration) as compared to 82,327 sq km between 2009 and 2014. India's energy sector is exploring new horizons." Recently, nearly 1 million sq km of erstwhile 'No-Go' areas have been opened up for exploration and put up for bidding. The areas opened up include new deepwater frontiers like the Andaman-Nicobar basin. Deep water, particularly off the Andhra coast and the Andaman Sea, may hold some prospects. Puri and his ministry have been touting the prospects of the Andaman Sea for some time now. "Andaman-Nicobar: India's Next Oil & Gas Hotspot! Its tectonic setting and proximity to proven petroleum systems in Myanmar and North Sumatra make it a high-potential exploration zone attracting global interest," the Ministry of Petroleum and Natural Gas had said in a post on X on July 31. Puri, in a post on July 30, had said, "Andaman's waters could hold the key to India's energy future". Stating that India is exploring this untapped frontier, he had said that 25 blocks have been offered for bidding under the current OALP-X bid round, including promising ones in the Andaman Basin, spanning around 2 lakh sq km. "A breakthrough here means less imports, more jobs, and stronger energy security," he stated.
Hans India
20-06-2025
- Business
- Hans India
Need to safeguard oil and gas supply chains amid geopolitical uncertainties: Report
New Delhi: With India projected to grow at over 6 per cent annually and its primary energy demand increasing at a CAGR of 5.5 per cent, there is an urgent need to safeguard oil and gas supply chains amid rising geopolitical and market uncertainties, according to a report released on Friday. Over 85 per cent of India's crude oil needs are met through imports, positioning the country as the world's third-largest oil importer. 'Geopolitical instability, especially in chokepoints like the Hormuz Strait and Suez Canal, threatens consistent crude supply and pricing,' said the report by the PHD Chamber of Commerce and Industry (PHDCCI). Brent crude prices are forecast to decline from $81 per barrel in 2024 to $66 per barrel in 2026, driven by supply expansion outside OPEC+ and moderate demand growth. 'India's economic growth trajectory demands resilient and diversified energy sources. This report provides an integrated roadmap to navigate future energy challenges while ensuring affordability, accessibility, and sustainability,' said Hemant Jain, PHDCCI President. The industrial sector now consumes approximately 40 per cent of India's total energy, making it the largest single energy-consuming sector in 2023. 'Over past three decades, industrial energy demand has tripled, and industry accounts for approximately 36–38 per cent of final energy consumption,' the report noted. Currently, India' domestic oil and gas production is centred in Assam, Gujarat, Rajasthan, Mumbai High and the Krishna Godavari Basin. Hydrocarbon Exploration and Licensing Policy (HELP) launched in 2016 has simplified approval processes, with attractive fiscal terms, and bolstered licensing and exploration activity. By mid-2024, 144 blocks covering approximately 243 000 km² had been awarded, though international companies have largely avoided participation, favouring other countries with more attractive terms. Offshore production is set to increase thanks to additional supplies from ONGC's deepwater KG-D5 project between 2025 and 2030. However, offshore (and overall) gas supply growth will be tempered by plateauing output from the KG-D6 fields and declining production from legacy assets like ONGC's Mumbai offshore fields. According to recent reports, India may be inching closer to a game-changing offshore oil discovery in the Andaman Sea — one that could hold as much as 184,440 crore litres of crude oil and rival Guyana's transformational find, Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, has hinted. According to projections, India's natural gas production is also expected to rise to 54.7 BCM by FY 2029-30.
Economic Times
20-05-2025
- Business
- Economic Times
Two Sharp with ET: RIL's ₹1.7B gas war with ONGC reaches SC, 800-point Sensex plunge shakes investors
Reliance moves Supreme Court over a ₹1.7 billion gas migration dispute with the Centre, reigniting its long legal war over the KG-D6 block. Meanwhile, Indian markets see a bloodbath—Sensex plunges 800+ points as Moody's US Rating cut, FIIs exit, and profit booking hit hard. What's next for RIL and Dalal Street? All of this in today's episode of Two Sharp with ET. Show more 05:39 07:05 02:22 05:26 01:45 02:41 02:40 01:29 05:00 03:14 04:45 06:38 01:11 04:28 06:32 02:23 01:51 04:40 02:05 05:11 01:54 01:23 05:12 02:10 06:05 06:41 03:03 02:04 05:11 01:20 06:15 04:41 01:12 03:05 05:06 05:55 02:01 05:51 02:23 04:36
Time of India
20-05-2025
- Business
- Time of India
Two Sharp with ET: RIL's ₹1.7B gas war with ONGC reaches SC, 800-point Sensex plunge shakes investors
Reliance moves Supreme Court over a ₹1.7 billion gas migration dispute with the Centre, reigniting its long legal war over the KG-D6 block. Meanwhile, Indian markets see a bloodbath—Sensex plunges 800+ points as Moody's US Rating cut, FIIs exit, and profit booking hit hard. What's next for RIL and Dalal Street? All of this in today's episode of Two Sharp with ET. Show more Show less
