NEW DELHI: Union Minister Hardeep Singh Puri announced on Thursday that India presents an investment opportunity of at least Rs 100 billion by 2030 in the exploration and production of energy. He made this announcement at the 'Urja Varta 2024' event held at Bharat Mandapam in Delhi. This event serves as a platform for discussions on boosting exploration and production in India.
The minister pointed out that despite advancements, much of India's potential remains untapped within its 26 sedimentary basins. "Despite our progress, much of our exploration and production potential still lies untapped within India's 26 sedimentary basins. Our efforts in the past have fallen short of what needs to be done," he said.
Currently, only 10% of India's sedimentary basin is under exploration, but this is expected to increase to 16% by 2024 after the award of new exploration blocks. "Only 10 percent of the sedimentary basin is currently under exploration. This will increase to 16 percent by 2024," Puri stated.
During his address, the minister also mentioned that global oil prices would have risen significantly during recent global turmoil if India had not diversified its oil suppliers.
Puri emphasized the importance of using scientific technology in exploration. The government is investing heavily in promoting data-driven exploration, with Rs 7,500 crore allocated for acquiring new seismic data and conducting aerial surveys in challenging terrains. "An investment of Rs 7,500 crore is going into the acquisition of new seismic data, including that of the Exclusive Economic Zone (EEZ), financing strategic surveys, and acquiring aerial survey data for difficult terrains," he added.
The government aims to increase India's exploration average to 1 million square kilometers by 2030.
The two-day event, themed "Collaborate, Innovate, Synergize," features insightful sessions, exhibitions, and networking opportunities. The event aims to shape the future of hydrocarbon exploration and production, fostering a resilient, collaborative, and sustainable energy sector.
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