Greater Noida, November 15 (IANS). Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday said the government aims to increase the country’s oil exploration area to 10 lakh square kilometers by 2030 to enhance and strengthen India’s energy security.
Addressing the GEO India 24 conference, Puri said the government has reduced “no-go” areas in the Exclusive Economic Zone (EEZ) by nearly 99 per cent, opening up vast new areas for oil and gas exploration. Are.
The minister further informed that when the Narendra Modi government came to power in 2014, only 6 per cent of India’s sedimentary basins had been explored, but today this figure has increased to 10 per cent and with the Open Acreage Licensing Policy (OALP) round. This will increase to 16 per cent by 2025 with further exploration activity.
Puri spoke about several important reforms implemented by the current government to encourage growth in India’s energy sector.
It further said that among the major reforms is the simplification of the approval process for exploration and production activities, including reducing 37 approval processes to only 18, nine of which are now available for self-certification.
Additionally, the introduction of the Oil Fields (Regulation and Development) Amendment Bill in 2024 ensures policy stability for oil and gas producers, allows international arbitration, and extends lease periods.
The minister further said that India’s energy landscape is rapidly evolving, with the country having 651.8 million metric tonnes of recoverable crude oil reserves and 1,138.6 billion cubic meters of recoverable natural gas reserves within its sedimentary basins.
–IANS
ABS/ABM