1. Home
  2. Infrastructure Energy
  3. OIL & GAS
  4. India targets 16% sedimentary basin exploration by 2025: Puri
India targets 16% sedimentary basin exploration by 2025: Puri
OIL & GAS

India targets 16% sedimentary basin exploration by 2025: Puri

18 Nov 2024 2 Min Read CW Team
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.

Next Story
Infrastructure Energy
31 Jan 2025

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey

The Economic Survey 2024-25, presented by Union Finance Minister Nirmala Sitharaman, indicates substantial improvement in India’s labour market, driven by strong post-pandemic recovery and formalisation of the workforce. Key findings include a significant drop in the unemployment rate from 6 per cent in 2017-18 to 3.2 per cent in 2023-24. Additionally, there has been notable growth in female labour force participation, which increased from 23.3 per cent in 2017-18 to 41.7 per cent in 2023-24.Other highlights include:Over 30.51 crore unorganised workers registered on the eShram portal, suppor..

Read More
Next Story
Real Estate
31 Jan 2025

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC

Aditya Birla Housing Finance Ltd. (ABHFL), a subsidiary of Aditya Birla Capital, has raised Rs 8.3 billion through non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The company stated that the funds will be used to provide housing loans to low- and middle-income groups (LIG and MIG), with a special focus on promoting homeownership among women. Additionally, a portion of the investment will support MSMEs, particularly women-led enterprises, to drive economic growth. The initiative aims to strengthen financial inclusion and uplift underserved communities in the ..

Read More
Next Story
Infrastructure Energy
31 Jan 2025

Bihar to Bid Out 2,400 MW Power Plant by March

The Bihar government plans to auction the proposed 2,400 MW coal-based power plant at Pirpainti by March 2025. Part of the state's FY25 budget initiatives, the project is valued at Rs 214 billion, covering multiple power sector developments. Coal for the plant is expected to come from Eastern Coalfields, with fuel and location already determined to streamline the bidding process. Discussions are underway to finalise coal supply under the SHAKTI scheme, with a resolution expected by February. The Central government has also pledged support for fast-tracking environmental clearances to facilit..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey
POWER & RENEWABLE ENERGY
31 Jan 2025

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC
Real Estate
31 Jan 2025

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC

Bihar to Bid Out 2,400 MW Power Plant by March
COAL & MINING
31 Jan 2025

Bihar to Bid Out 2,400 MW Power Plant by March

Afcons Infra Shares Rise After Rs 12.83 Billion Gujarat Contract Win
ECONOMY & POLICY
31 Jan 2025

Afcons Infra Shares Rise After Rs 12.83 Billion Gujarat Contract Win

We are shaping the next era of vertical mobility
ECONOMY & POLICY
31 Jan 2025

We are shaping the next era of vertical mobility

Brookfield REIT Q3 NOI Rises 11% to Rs 5.03 Bn
Real Estate
31 Jan 2025

Brookfield REIT Q3 NOI Rises 11% to Rs 5.03 Bn

Gurugram’s Key Corridor Set for Expansion
RAILWAYS & METRO RAIL
31 Jan 2025

Gurugram’s Key Corridor Set for Expansion

Mumbai-Ahmedabad Bullet Train: Major Progress in Maharashtra
RAILWAYS & METRO RAIL
31 Jan 2025

Mumbai-Ahmedabad Bullet Train: Major Progress in Maharashtra

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000