India's oil, gas exploration offers USD 100 bn opportunity: Hardeep Singh Puri

New Delhi: Oil Minister Hardeep Singh Puri urged for increased exploration of oil and gas to reduce India's dependence on imports and ensure fuel is accessible in a cost-effective and environmentally-friendly manner.

In his address at the Urja Varta conference, he emphasized the importance of the exploration and production (E&P) sector in achieving energy self-sufficiency, a crucial component for maintaining sustained economic growth. He stated that E&P presents investment prospects amounting to $100 billion by 2030.

He mentioned that India has not fully utilized its exploration and production capabilities, expressing surprise at the country's heavy dependence on oil imports despite the ample geological resources within its borders. He stated that the Indian sedimentary basins contain approximately 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas.

Puri stated that currently, only 10 percent of our sedimentary basin area is being explored, but this will increase to 16 percent by the end of 2024 once the current bid is completed. He stated that we need to shift our focus in exploration towards uncovering resources that have not been found yet. India purchases more than 85 percent of the crude oil it requires through imports. Refineries transform crude oil into fuels such as gasoline and diesel.

The government is actively working to stimulate investments in E&P. The Ministry of Petroleum and Natural Gas (MoPNG) has implemented comprehensive reforms, enabling stakeholders to play a role in advancing our country," he stated, also mentioning, "Our goal is to expand India's exploration acreage to 1 million sq. km. by 2030."

The minister stated that since starting in 2015, the Discovered Small Field (DSF) Policy has attracted investments of around USD 2 billion and introduced 29 new players to the industry. Exploration activities are now possible in once prohibited areas, due to the opening up of these zones, which has led to increased investments in regions like.