India’s Energy Independence: Accelerating Oil and Gas Exploration for Sustainable Growth

Oil Minister Hardeep Singh Puri called for increased efforts in oil and gas exploration to reduce India’s dependence on imports and ensure the availability of affordable and sustainable fuel. He emphasized the importance of the exploration and production sector in achieving energy self-sufficiency for sustained economic growth. Speaking at the Urja Varta conference, he highlighted that the exploration and production (E&P) sector offers investment opportunities worth $xxx billion by 2030. He expressed concern over India’s heavy reliance on oil imports despite having abundant geological resources, with Indian sedimentary basins containing approximately 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas.

Puri pointed out that only 10% of India’s sedimentary basin area is currently under exploration, and this figure is expected to increase to 16% by the end of 2024. He emphasized the need to focus on discovering ‘Yet to Find’ resources and announced the government’s intent to increase India’s exploration acreage to 1 million sq. km. by 2030. Additionally, Puri mentioned that the Discovered Small Field (DSF) Policy, initiated in 2015, has attracted investments of approximately USD 2 billion and brought in 29 new participants in the field. He also announced the formation of a Joint Working Group (JWG), comprising representatives from private E&P operators, the National Oil Companies, Ministry of Petroleum and Natural Gas (MoPNG), and DGH. The JWG aims to address issues related to the ease of doing business in E&P, adequacy of policies and procedures, and the need for their revision, with recommendations expected within eight weeks