NEW DELHI: India is inviting global investment to explore $100 billion worth of opportunities in its energy sector by 2030, says Hardeep Singh Puri, the Minister of Petroleum and Natural Gas.
Puri shared that the government wants to expand the area for oil and gas exploration to one million square kilometers by 2030.
“Right now, only 10 percent of India’s sedimentary basins are being explored. With the new Open Acreage Licensing Policy (OALP) rounds, this will grow to 16 percent by the end of this year,” he explained.
These remarks came after the “Urja Varta 2024,” a two-day conference organized by the Directorate General of Hydrocarbons (DGH).
The conference brought together 400 industry experts, service providers, consultants, and academics from around the world, covering both traditional and non-traditional energy sectors.
Also read: Religions promote peace and harmony, says Grand Imam of Al-Azhar
Puri announced the formation of a Joint Working Group that includes private sector exploration and production companies, national oil companies, the Ministry of Petroleum and Natural Gas, and the DGH. This group will tackle industry concerns and make it easier to do business in the energy sector.
“We have already simplified and reduced 37 approval processes into 18, and nine of these processes now allow for self-certification. But we know there is still more to be done,” Puri added.
He also highlighted that India has cut down the restricted “no-go” areas in its exclusive economic zone (EEZ) by nearly 99 percent, opening up more space for exploration and investment.
