Joint group formed for reforms in E&P sector: Puri

Petroleum Minister Hardeep Singh Puri outlines reforms to boost investment in India's oil exploration sector, aiming for $100 billion by 2030.

Petroleum Minister Hardeep Singh Puri said a joint working group (JWG) has been constituted to improve ease of doing business in the oil exploration and production (E&P) sector. The JWG consists of private exploration and production operators, national oil companies, the Ministry of Petroleum and Natural Gas and the Directorate General of Hydrocarbons (DGH).

Mr. Puri said 37 approvals have been simplified into 18, with nine eligible for self-certification. He said the government recognises the need for further reforms. “We must explore feasibility of expanding self-certification across additional processes,” he said, citing how reducing delay in approval of field development and annual plans; and regulatory permissions is crucial amid India’s rising import dependency.

$100 billion investment

Underscoring the importance of E&P in achieving energy self-sufficiency and sustaining economic growth, Mr. Puri said the sector offers investment opportunities worth $100 billion by 2030.

Mr. Puri highlighted the vast potential of India’s 26 sedimentary basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped, the Ministry said in a release on his address.

“Despite substantial progress, only 10% of our sedimentary basin area is under exploration today. After the award of blocks under the forthcoming Open Acreage Licensing Policy (OALP) rounds, it will increase to 16% by end-2024.”

Eyeing more acreage