India's Oil & Gas Sector Poised for $100 Billion Investment, Says Minister Puri
Union Petroleum Minister Hardeep Singh Puri has mentioned that investment of 'at least $100 billion' is likely to flow into the country's oil and gas E&P sector by 2030. While addressing the 'Urja Varta 2024' event at Bharat Mandapam here, Puri remarked about huge potential lying untapped through much of India's 26 sedimentary basins.
"Despite our progress, much of the potential of exploration and production remains untapped", Puri said while arguing for a need to step up efforts in the E&P sector. He said currently only 10 per cent of sedimentary blocks in India were under exploration and with completion of the 10th Open Acreage Licensing Programme (OALP) round, this figure is likely to reach 16 per cent, he told.
He pointed out that the government has kept oil prices at bay through some 'pretty neutral' policies and strategic decisions, which involved increased buying from Russia. "There was a global turmoil. We could have followed what the West was advising us to do and not sourced oil from a particular country, and then oil prices would have shot up", he said.
These remarks by the minister indicate that the country is strategically trying to build up energy security and economic growth by huge investments in the E&P sector. Active government measures are802 going to utilize these vast geology-related resources available in the country to assure a far more self-sufficient energy future for India.
This is an investment opportunity envisioned not only to benefit domestic production and reduce the country's dependence on imports but also to ensure stable fuel prices for its people, thereby being pertinent to its long-term economic resilience.
