+
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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code