India Eyes USD 100 Billion Investment in E&P Sector by 2030: Union Minister Puri
Speaking at the inaugural session of the first edition of UrjaVarta 2024 at Bharat Mandapam, Puri emphasized the key role of the E&P sector in achieving energy self-sufficiency and promoting economic growth.
July 15, 2024. By Abha Rustagi
Speaking at the inaugural session of the first edition of UrjaVarta 2024 at Bharat Mandapam, Puri emphasized the key role of the E&P sector in achieving energy self-sufficiency and promoting economic growth. He highlighted the vast potential of India’s 26 sedimentary basins, which hold untapped reserves of crude oil and natural gas.
To generate investments in the E&P sector, the Ministry of Petroleum and Natural Gas (MoPNG) has implemented major reforms aimed at empowering stakeholders. "We intend to increase India's exploration acreage to 1 million sq. km. by 2030," he added.
The Minister also announced that 'No-Go' areas in India’s Exclusive Economic Zone (EEZ) have been reduced by almost 99 percent. He highlighted the accelerated pace of exploration activities driven by initiatives such as the OALP and the Discovered Small Field (DSF) Policy.
The Union Minister highlighted the government's focus on promoting scientific, data-driven exploration. “An investment of INR 7,500 crores is going into the acquisition of new seismic data, including that of the EEZ, financing stratigraphic wells, and acquiring aerial survey data for difficult terrains. We now have geo-scientific data for the Kerala–Konkan basin and the Mumbai offshore basin on the West coast, and the Mahanadi and the Andaman basins on the East coast,” he said.
To enhance the Ease of Doing Business in the E&P sector, Puri noted, "We have consolidated and simplified 37 approval processes into 18, with 9 processes now eligible for self-certification. However, we recognize the need to push these reforms further." He called for reducing delays in the approval of field development plans, annual plans, and other regulatory permissions, given the nation's rising import dependency.
Puri announced the formation of a Joint Working Group (JWG) consisting of representatives from private E&P operators, National Oil Companies, MoPNG, and DGH to address industry concerns and improve business operations in the sector. He also directed the DGH to integrate its various online portals by the end of the year.
The Minister expressed confidence that UrjaVarta 2024 would act as a catalyst for collaboration and innovation in the energy sector. He invited stakeholders from industry, academia, and government to leverage the platform to contribute towards India's energy security goals.
please contact: contact@energetica-india.net.
Aman Mehtani
Founder & Group CEO
ADM Group Offers Smart, Sustainable Solutions for Global Automotive Industry
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix