Greater Noida: 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% by 2025 and aiming to explore 1 million square kilometers by 2030. Speaking at GEO India 2024, South Asia’s premier geosciences conference, Puri highlighted the critical role of energy in driving India’s economic growth, especially as the country’s fuel demand rises.
Currently, only 10% of India’s sedimentary basins have been explored, a figure that has risen from 6% in 2014. Through the Open Acreage Licensing Policy (OALP) rounds, the Ministry of Petroleum and Natural Gas is intensifying exploration efforts, with the goal of supporting India’s energy security and self-reliance. “Energy today is the spinal cord for economic growth and development,” Puri told a gathering of national and international experts from the exploration and production sector.
India has considerable reserves with 651.8 million metric tonnes of recoverable crude oil and 1,138.6 billion cubic meters of recoverable natural gas. However, a large portion remains unexplored. The latest OALP Round IX offered a record 136,596 square kilometers across 28 blocks, with 38% of this area previously classified as “No-Go.”
To accelerate exploration, Puri detailed reforms that have reduced approval processes from 37 steps to 18, with nine now available through self-certification. The 2024 Oilfields (Regulation and Development) Amendment Bill aims to ensure policy stability, extends lease periods, and allows international arbitration. Additionally, the government has significantly reduced “No-Go” areas in the Exclusive Economic Zone (EEZ), opening vast new territories for exploration.
Puri also underscored the transition from Production Sharing Contracts (PSCs) to Revenue Sharing Contracts (RSCs), designed to enhance clarity and predictability for investors. A Joint Working Group, consisting of private and national oil companies, the Ministry, and the Directorate General of Hydrocarbons, has been established to address industry concerns and improve the ease of doing business.
A focus on data access has led to initiatives such as the National Seismic Programme (NSP) for onshore areas and EEZ surveys for offshore sites. The government is also making geological data accessible internationally by setting up a data center at the University of Houston.
Looking to the future, Puri expressed optimism about India’s potential in green hydrogen, citing projects to blend hydrogen in natural gas pipelines, localize electrolyser technology, and promote bio-based hydrogen production. India, he noted, is positioning itself as a global hub for green hydrogen production and export.
GEO India 2024, organized by the Association of Petroleum Geologists, has drawn approximately 2,000 participants and includes over 20 conference sessions, 4 plenary discussions, 200+ technical papers, and 50+ exhibition booths. Puri encouraged participants to continue innovating, embrace sustainability, and work together to address future energy challenges.
