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.