Upstream Oil Sector Poised for $Billion Investment by 2030: Oil minister Puri
Indian Oil Minister, Puri aims to increase India’s exploration acreage to 1 million square kilometres by 2030.
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India’s exploration and production sector will need $100 billion in investments by 2030, according to oil minister Hardeep Singh Puri, who emphasised the government's focus on strengthening domestic oil and gas production and reducing import dependency.
Puri acknowledged that past efforts to increase production have fallen short, noting that while E&P offers significant investment opportunities, previous efforts have not met the sector's needs.
Despite progress, much potential remains untapped within 26 sedimentary basins.
He found it concerning that India relies heavily on oil imports despite abundant geological resources.
The government is promoting investments in exploration and production, with the Ministry of Petroleum and Natural Gas implementing reforms to empower stakeholders.
Puri aims to increase India’s exploration acreage to 1 million square kilometres by 2030.
The minister said since its inception in 2015, the Discovered Small Field (DSF) Policy has garnered investments of approximately $2 billion and brought in 29 new players in the field.
