+
India targets 16% sedimentary basin exploration by 2025: Puri
OIL & GAS

India targets 16% sedimentary basin exploration by 2025: Puri

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, outlined India’s ambitious exploration goals for its sedimentary basins, targeting an increase in coverage to 16 per cent by 2025 and aiming to explore 1 million square kilometres by 2030. He spoke at GEO India 2024, South Asia's premier geosciences conference, where he emphasized the critical role of energy in driving India’s economic growth, particularly as the country’s fuel demand continues to rise.

Puri noted that, currently, only 10 per cent of India’s sedimentary basins have been explored, a significant increase from 6 per cent in 2014. He explained that through the Open Acreage Licensing Policy (OALP) rounds, the Ministry of Petroleum and Natural Gas is intensifying its exploration efforts to support India’s energy security and self-reliance. He stressed that energy is now seen as the backbone of economic growth and development.

India is known to have considerable reserves, including 651.8 million metric tonne of recoverable crude oil and 1,138.6 billion cubic metres of recoverable natural gas. However, a large portion of these reserves remains unexplored. The latest OALP Round IX offered a record 136,596 square kilometres across 28 blocks, with 38 per cent of the area previously classified as “No-Go.”

To accelerate exploration, Puri detailed reforms that have streamlined the approval process, reducing the steps from 37 to 18, with nine now available through self-certification. He also mentioned that the 2024 Oilfields (Regulation and Development) Amendment Bill aims to ensure policy stability, extend lease periods, and allow for international arbitration. Additionally, the government has significantly reduced the “No-Go” areas in the Exclusive Economic Zone (EEZ), thereby opening vast new territories for exploration.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, outlined India’s ambitious exploration goals for its sedimentary basins, targeting an increase in coverage to 16 per cent by 2025 and aiming to explore 1 million square kilometres by 2030. He spoke at GEO India 2024, South Asia's premier geosciences conference, where he emphasized the critical role of energy in driving India’s economic growth, particularly as the country’s fuel demand continues to rise. Puri noted that, currently, only 10 per cent of India’s sedimentary basins have been explored, a significant increase from 6 per cent in 2014. He explained that through the Open Acreage Licensing Policy (OALP) rounds, the Ministry of Petroleum and Natural Gas is intensifying its exploration efforts to support India’s energy security and self-reliance. He stressed that energy is now seen as the backbone of economic growth and development. India is known to have considerable reserves, including 651.8 million metric tonne of recoverable crude oil and 1,138.6 billion cubic metres of recoverable natural gas. However, a large portion of these reserves remains unexplored. The latest OALP Round IX offered a record 136,596 square kilometres across 28 blocks, with 38 per cent of the area previously classified as “No-Go.” To accelerate exploration, Puri detailed reforms that have streamlined the approval process, reducing the steps from 37 to 18, with nine now available through self-certification. He also mentioned that the 2024 Oilfields (Regulation and Development) Amendment Bill aims to ensure policy stability, extend lease periods, and allow for international arbitration. Additionally, the government has significantly reduced the “No-Go” areas in the Exclusive Economic Zone (EEZ), thereby opening vast new territories for exploration.

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?