Hardeep Singh Puri, ET EnergyWorld

New Delhi: India has cleared 1 million square kilometers of its 3.5 million square kilometers of sedimentary basin for oil and gas exploration, a significant portion that was previously classified as a “no-go” area, said Petroleum Minister Hardeep Singh Puri announced at the FT Live Energy Transition Summit. Of the bids received in the Open Acreage Licensing Policy (OALP) Round 9, 38% are in this newly cleared “no-go” zone. The 10th bidding round is also in the pipeline.

Puri stressed India’s efforts to attract global investors, saying, “We are making it easier. You don’t even need to invest initially. If you come to assist in seismic surveys, we’ll compensate you.” This marks a significant shift toward a more flexible, investor-friendly approach.

Addressing oil prices, Puri reaffirmed India’s call for stability amidst global tensions. “We have enough oil in the world, but global disruptions raise freight and insurance costs,” he said, expressing optimism that both state and non-state actors would act responsibly to avoid escalations.

On 8th October, Brent crude futures dropped by $1.31, or 1.6%, settling at $79.62 per barrel after hitting a monthly high amid fears of increased Middle East tensions.

India’s energy demand continues to soar, with Puri noting that India’s consumption is three times the global average and that it is projected to account for 25% of the increase in global energy demand over the next two decades. India is set to consume over 6 million barrels of crude oil daily in the foreseeable future, highlighting its critical role in the global energy landscape.

• Published On Oct 8, 2024 at 03:23 PM IST

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