India Projects $100 Billion Investment Opportunity in E&P Sector by 2030

Urja Varta 2024, inaugurated by Minister Puri, serves as a pivotal platform for dialogue and innovation in India's hydrocarbon sector.

India's Minister of Petroleum & Natural Gas, Shri Hardeep Singh Puri, announced significant investment prospects in the Exploration and Production (E&P) sector, estimating opportunities worth $100 billion by 2030. He made this declaration during the inaugural session of the Urja Varta 2024, a premier event organized by the Directorate General of Hydrocarbons (DGH) to unlock India's untapped upstream hydrocarbon resources sustainably.

Minister Puri emphasized the critical role of the E&P sector in achieving energy self-sufficiency and fostering economic growth. He highlighted India's 26 sedimentary basins, which hold substantial reserves of crude oil and natural gas yet to be fully explored, underscoring that only 10% of these basins are currently under exploration.

To accelerate exploration activities, Minister Puri mentioned initiatives like the Open Acreage Licensing Policy (OALP) and the Discovered Small Field (DSF) Policy. Through the first eight OALP bid rounds, 144 blocks covering approximately 244,007 sq. km. have been awarded, with the recent OALP IX round offering an additional 136,596 sq. km. across eight sedimentary basins. The DSF Policy, introduced in 2015, has attracted investments of about $2 billion and facilitated the entry of 29 new players into the sector.

Highlighting the government's focus on scientific data-driven exploration, Minister Puri disclosed an investment of Rs. 7,500 crores towards acquiring new seismic data and conducting aerial surveys in challenging terrains like the EEZ. This effort has resulted in the availability of geo-scientific data for key basins such as Kerala–Konkan, Mumbai offshore, Mahanadi, and Andaman basins, facilitated by the upgradation of the National Data Repository to a cloud-based platform.

In his address, Minister Puri stressed the government's commitment to ease of doing business in the E&P sector through consolidation and simplification of approval processes. While acknowledging the progress made, he highlighted the ongoing reforms to further streamline regulatory frameworks and reduce approval delays, essential in reducing India's import dependency.

To foster collaboration and address industry concerns, Minister Puri announced the formation of a Joint Working Group (JWG) comprising stakeholders from private E&P operators, National Oil Companies, MoPNG, and DGH. This initiative aims to enhance the ease of doing business and resolve industry challenges effectively.

Urja Varta 2024, inaugurated by Minister Puri, serves as a pivotal platform for dialogue and innovation in India's hydrocarbon sector. With participation from over 400 delegates, 50 exhibitors, and 100 speakers, the event features strategic summits, panel discussions, and technical conferences focusing on industry advancements, energy transition, and sustainable growth practices.

The conclave also includes an Innovation Center and Exhibition Gallery showcasing technological innovations and research findings aimed at advancing the upstream oil and gas sector in India. Minister Puri invited stakeholders from industry, academia, and government to leverage Urja Varta 2024 in contributing towards India's energy security objectives and sustainable development goals.