New Delhi, July 17 Minister of Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday said that he expects the new round of hydrocarbon exploration being launched in India to strike several big Guyana-sized oilfields, particularly in the Andaman Sea.
“We will drill and explore for more hydrocarbons in an area of more than 2,00,000 sq km under OALP (Open Acreage Licensing Policy) Round-10. Our target is to increase exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030. I am positive we will find several fields of the size of Guyana, particularly in the Andaman Sea,” the minister said during the 'Urja Varta 2025' event here.
“We are working on areas of good quality data availability for explorers, financial incentives, stable regulatory framework, derisking investments and ease of doing business to make India the next global frontier for oil and gas E&P (exploration and production),” Puri remarked.
The minister also highlighted that he had “an invigorating conversation" at a fireside chat ‘Manch Mantri Ka’ at 'Urja Varta 2025', a one of its kind gathering of captains and leaders of India’s energy sector, Petroleum Ministry officials, energy professionals and stakeholders of India’s journey towards energy security and unprecedented green energy transition under the decisive and dynamic leadership of Prime Minister Narendra Modi.
He pointed out that despite geopolitical tensions in several parts of the world, India has successfully navigated the trilemma of energy availability, affordability and sustainability.
The energy needs of the country’s citizens remain the priority of the government and the basket of countries from where oil and gas are imported has been widened further, the minister pointed out.
“At the same time, with visionary reforms like HELP, opening up nearly one million sq km of hitherto ‘No Go’ areas and amendments to ORD (Oilfields Regulation and Development) Act. India is in the midst of unprecedented efforts to boost domestic hydrocarbons production by exploring newer areas,” the minister told the gathering.
The event has brought together energy ministers from various states, top government officials, and industry leaders from the oil and gas sector.
'Urja Varta 2025' aims to become a critical platform for shaping the future of India’s energy landscape and reinforcing the country’s commitment to sustainability and innovation in the energy domain.
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