Govt plans 1 mn sq km oil exploration by 2030

Greater Noida: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday said that the government aims to expand the India’s oil exploration acreage to 1 million sqkm by 2030 to further bolster the country’s energy security.

Addressing the GEO India 24 conference here, Puri said the government has reduced ‘No-Go’ areas in the Exclusive Economic Zone (EEZ) by almost 99 per cent, opening up vast new areas for oil and gas exploration.

The minister pointed out that when the Narendra Modi government took office in 2014, only 6 per cent of India’s sedimentary basins had been explored.

“Today, this figure has risen to 10 per cent, and with further exploration activity under the Open Acreage Licensing Policy (OALP) rounds, this is set to increase to 16 per cent by 2025,” he added.

Puri also outlined several significant reforms implemented under the current government to stimulate growth in India’s energy sector.

Key reforms include simplifying the approval process for exploration and production activities, and reducing 37 approval processes to just 18, of which nine are now available for self-certification. Additionally, the introduction of the Oilfields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, allows for international arbitration, and extends lease periods, he said. The minister further stated that India’s energy landscape is rapidly evolving, with the country boasting 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.