India offers Rs 100 bn investment opportunities in explorations & productions: Hardeep Puri Petroleum Minister

New Delhi [India], July 11 (ANI): Union Minister Hardeep Singh Puri said on Thursday that India offers an investment opportunity of at least 100 billion by 2030 IN the Exploration and Production of energy.

The minister was addressing an event ‘Urja Varta 2024’ on Thursday at Bharat Mandapam in Delhi. The event provides a platform for thoughtful discussions on how to increase Exploration & Production in India.

The minister also highlighted that despite the progress in exploration the potential still lies untapped within India’s 26 sedimentary basins.

“Despite our progress much of our exploration and production potential still lies untapped within India’s 26 sedimentary basins. Despite the abundant geological resources available to us Our efforts in past have been far short of what needs to be done” said the minister.

The minister also added that right now only 10 per cent of India’s sedimentary basin is under exploration. However, it will soon increase to 16 per cent.

“Only 10 per cent of sedimentary basin is currently under exploration today, after the award of the blocks under the forthcoming event when it rounds, it will increase to 16 per cent by 2024” said the minister.

The minister also stated during the global turmoil the oil prices would have shot up to very high if India had not changed its oil supplier.

On using scientific technology in the exploration the minister said that the government is spending heavily on promoting scientific data-driven exploration and an investment of Rs 7500 crore is going into the acquisition of new data.

“An investment of 7500 crores is going into the acquisition of new seismic data including that of EEZ financing strategic and acquiring aerial survey data for difficult terrains” the minister added.

The minister also added that the government intends to increase India’s exploration average to 1 million square kilometres by 2030.

The two-day event under the theme “Collaborate, Innovate, Synergize,”, features insightful sessions, an exhibition, and unparalleled networking opportunities. The event aims to shape the future of hydrocarbon exploration and production, fostering a resilient, collaborative, and sustainable energy sector.