
Boosting Exploration Acreage to 1 Million Sq. Km. by 2030
- Breaking NewsBusinessHEADLINESNATIONTechnology
- July 11, 2024
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Boosting Exploration Acreage to 1 Million Sq. Km. by 2030
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has announced the government’s intention to significantly increase India’s exploration acreage to 1 million square kilometers by 2030. Speaking at the ‘Urja Varta 2024’ event organized by the Directorate General of Hydrocarbons, Puri emphasized that despite India’s substantial progress in the energy sector, much of the country’s exploration and production potential remains untapped within its 26 sedimentary basins. The minister acknowledged that India’s past efforts in the exploration and production (E&P) sector have fallen short of the required targets, and the government is now focused on strengthening domestic oil and gas production to reduce the country’s reliance on imports. Puri stated that the Open Acreage Licensing Policy has played a crucial role in driving the growth of the E&P sector, and the government aims to further expand the explored area to 16% by the end of 2024. This strategic move aligns with the government’s broader vision of achieving self-reliance in the energy sector and reducing India’s dependence on foreign oil and gas supplies.
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