• About
  • Advertise
  • Contact
Tuesday, July 1, 2025
  • Login
No Result
View All Result
NEWSLETTER
The NY Journals
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
No Result
View All Result
The NY Journals
No Result
View All Result
Home Business

How India’s Oil And Gas Exploration Offers A $100 Billion Opportunity By 2030

by Sarkiya Ranen
in Business
How India’s Oil And Gas Exploration Offers A 0 Billion Opportunity By 2030
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Crude oil is converted into fuels like petrol and diesel in refineries. (Representational)

New Delhi:

Oil Minister Hardeep Singh Puri has called for stepping up oil and gas hunt to cut India’s reliance on imports and making available fuel at an affordable and sustainable way.

Speaking at the Urja Varta conference recently, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

“E&P offers investment opportunities worth USD 100 billion by 2030,” he said.

Stating that India’s exploration and production potential still lies untapped, he said, “I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us.”

The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said.

Mr Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends.

“The focus of our exploratory endeavours must pivot towards discovering ‘Yet to Find’ resources,” he said.

India imports over 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel in refineries.

“The government is doing its part to catalyse investments in E&P. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to our nation’s progress,” he said, adding “We intend to increase India’s exploration acreage to 1 million sq. km. by 2030.”

The minister said since its inception in 2015, the Discovered Small Field (DSF) Policy has garnered investments of approximately USD 2 billion and brought in 29 new players in the field.

“The opening up of the erstwhile no-go areas has paved the way for exploration activities in previously restricted zones, fostering investments, notably in regions such as the Andamans,” he said.

Mr Puri announced formation of a Joint Working Group (JWG), comprising representatives from private E&P operators, the National Oil Companies, MoPNG, and DGH to examine issues relating to the ease of doing business in E&P, adequacy of policies and procedures, and the need for their revision.

“It will submit its recommendations within eight weeks,” he added.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



Source link

Tags: BillionExplorationGasHardeep PuriIndia Natural Gas ExplorationIndia Oil ExplorationIndiasOffersOilOil Minister Hardeep Singh PuriOpportunity
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

Next Post
Thai energy tycoon faces fraud charges after record stock slump

Thai energy tycoon faces fraud charges after record stock slump

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Home Sales Surge; House Prices Post Year-on-year Drop

US Home Sales Surge; House Prices Post Year-on-year Drop

2 years ago
Pervez Musharraf: Pakistan’s Last Military Ruler

Pervez Musharraf: Pakistan’s Last Military Ruler

2 years ago

Popular News

    Connect with us

    The NY Journals pride themselves on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

    Transcending the bounds of New York City to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

    NEWS

    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Real Estate
    Instagram Youtube

    © 2025 The New York Journals. All Rights Reserved.

    • About Us
    • Advertise
    • Contact Us
    No Result
    View All Result
    • Home
    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Trending

    Copyright © 2023 The Nyjournals

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In