India Steps Up Oil and Gas Exploration for Energy Self-Sufficiency

Oil Minister Hardeep Singh Puri emphasizes the need for increased oil and gas exploration in India to reduce reliance on imports. With abundant geological resources, the potential remains untapped. Sixty five per cent more exploration is expected by 2024, with USD 100 billion investment opportunities by 2030. Reforms aim to foster growth and opportunities in the E&P sector.

Oil Minister Hardeep Singh Puri on Thursday called for enhanced oil and gas exploration to reduce India's dependence on imports while ensuring the availability of affordable and sustainable fuel.

Speaking at the Urja Varta conference, Puri highlighted the exploration and production (E&P) sector's critical role in achieving energy self-sufficiency, essential for economic growth. He revealed that India's E&P sector offers investment opportunities worth USD 100 billion by 2030.

Despite having abundant geological resources, India remains heavily reliant on imports, with the country's sedimentary basins holding vast quantities of crude oil and natural gas. Currently, only 10% of the sedimentary basin area is under exploration, expected to rise to 16% by late 2024. Puri stressed the need to focus on discovering untapped resources and revealed government reforms aimed at catalyzing investments in E&P.