Vienna [Austria], July 9 (ANI): India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030, Union Minister for Petroleum and Natural Gas Hardeep Puri said.
With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna.
India is making significant efforts to increase its traditional fossil-based energy production, and the latest push is to explore the Andaman region.
India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10.
The minister interacted on ‘Oil Markets: Energy Security, Growth and Prosperity’ with an audience of leaders, captains and professionals of global energy sector at the Seminar.
This ambition to double exploration acreage, according to the Minister, is supported by a series of policy reforms including shifting from a Production Sharing Contract regime to a Revenue Sharing Model under HELP, and amendments to ORD Act 1948 to provide a robust framework for managing leases, improving safety, enabling dispute resolution, and supporting the integration of renewable energy sources in hydrocarbon projects.
In addition, the government is reducing ‘No-Go’ areas by 99 per cent, and in the process freeing up over 1 million sqkm for exploration and production (E&P), and significant investments in basin data acquisition through national projects such as the National Seismic Program (NSP), Andaman Offshore Project, Mission Anveshan, and the Extended Continental Shelf Survey.
India is the world’s third-largest energy consumer with a demand of about 5.4 million barrels of oil per day.
“India’s energy strategy is rooted in pragmatism, resilience, and fairness. India is both a structural growth engine and a long-term stabilizer of global oil markets,” the minister said.
At the Seminar, the minister said India will contribute 25 per cent of the incremental global energy demand growth in future.
“We are navigating today’s volatile global energy landscape through a multi-dimensional approach that includes diversifying our crude import sources from 27 to 40 countries now, enhancing domestic production, developing alternative fuel sources, transition towards gas based economy and aiming to become a global refining hub by increasing our refining capacity to 310 MMTPA by 2028 and augmenting petrochemical capacity to be a USD 300 billion industry by 2030,” the minister said.
Even as the world was dealing with geopolitical difficulties, Puri said India successfully navigated the trilemma of energy availability, affordability, and sustainability; and was the only major economy in the world to reduce fuel prices even as oil prices skyrocketed globally.
He apprised the Seminar that India aims to achieve energy independence by 2047 and reach Net Zero emissions by 2070.
He also highlighted India’s green energy transition, referring to biofuels.
India launched the Global Biofuels Alliance which has over 29 countries and 14 international organisations, working together to scale up sustainable biofuels.
Domestically, India is accelerating the use of ethanol, CBG, biodiesel and SAF as part of its decarbonization roadmap, the minister added.
India today imports 80 per cent of its oil and 50 per cent of its natural gas needs. India is now importing oil and gas from as many countries as possible to meet its demand. (ANI)
