India is offering global investment opportunities worth $100 billion in the energy sector by 2030, according to the Minister of Petroleum and Natural Gas, Hardeep Singh Puri.
Puri stated that the government aims to increase the acreage under oil and gas exploration to one million square kilometers by 2030.
“Currently, only 10 percent of India’s sedimentary basin area is under exploration. With the award of blocks under the forthcoming Open Acreage Licensing Policy (OALP) rounds, this will increase to 16 percent by the end of this year,” the Minister said.
He made these remarks after the conclusion of “Urja Varta 2024,” a two-day conclave organized by the Directorate General of Hydrocarbons (DGH).
The conclave brought together 400 industry experts, service providers, consultants, and academia members from both traditional and non-traditional energy sectors worldwide.
Puri announced the formation of a Joint Working Group comprising representatives from private sector exploration and production enterprises, national oil companies, the Ministry of Petroleum and Natural Gas, and the DGH to address industry concerns and improve the ease of doing business in the sector.
“We have already simplified and reduced 37 approval processes into 18, with nine of these processes now eligible for self-certification. However, we recognize the need to push these reforms further,” the Minister added.
He also mentioned that India has significantly reduced the “no-go” areas in its exclusive economic zone (EEZ) by almost 99 percent.