At the ‘Urja Varta 2024’ conference, Union Minister for Oil and Gas, Hardeep Singh Puri, unveiled a robust investment landscape, underscoring India’s ambition to attract at least Rs 100 billion in the energy sector by 2030. Despite notable strides in exploration, Puri emphasized that a vast portion of India’s 26 sedimentary basins remains untapped. “Despite our progress, much of our exploration and production potential still lies untapped within India’s 26 sedimentary basins,” he stated. “Our past efforts have fallen short of what is necessary given the abundant geological resources at our disposal.”
Currently, a mere 10 per cent of India’s sedimentary basins are under exploration. However, this figure is set to increase to 16 per cent by 2024, following the allocation of new blocks in the upcoming auction rounds. Puri assured, “Only 10 per cent of sedimentary basin is currently under exploration today. After the award of the blocks under the forthcoming event, it will increase to 16 per cent by 2024.”
Puri also highlighted India’s strategic shift in oil sourcing, which has mitigated the impact of global oil price volatility. “During global turmoil, oil prices would have escalated significantly if India had not diversified its oil suppliers,” he noted. Addressing the role of technology in exploration, Puri disclosed substantial government expenditure aimed at promoting scientific, data-driven exploration. “An investment of Rs 7500 crore is directed towards acquiring new seismic data, including EEZ financing and aerial survey data for challenging terrains,” he detailed.
The government’s objective is to boost India’s exploration coverage to 1 million square kilometres by 2030. This ambitious target reflects a concerted effort to leverage technological advancements and geological expertise to unlock the country’s energy potential. The two-day ‘Urja Varta 2024’, themed “Collaborate, Innovate, Synergize,” features insightful sessions, an exhibition, and unparalleled networking opportunities. This event is pivotal in shaping the future of hydrocarbon exploration and production, fostering a resilient, collaborative, and sustainable energy sector.
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