‘India’s hydrocarbon sector entering new era of accelerated exploration’

New Delhi: The Indian hydrocarbon sector is entering a new era of “accelerated exploration and development”, said Union of Petroleum Minister Hardeep Singh Puri, while addressing the Open Acreage Licensing Policy (OALP) Round-IX and Special Discovered Small Field (DSF) Signing Ceremony held here on Tuesday.

He highlighted that through investor-friendly reforms, swift approvals, scientific exploration and a strong emphasis on sustainability, India is steadily building a resilient and future-ready energy ecosystem aligned with the vision of Viksit Bharat.

Addressing the gathering, Puri noted that today’s signing ceremony signifies much more than the completion of a procedural formality—it is a powerful testament to India’s unwavering commitment to reducing its import dependence and securing its energy future.

With India currently reliant on imports for 88 percent of its crude oil and 50 percent of its natural gas needs, the urgency for domestic exploration and production has never been greater. As the minister pointed out: “In the next two decades, 25 percent of the world’s incremental energy demand growth will come from India.”

Reflecting on the past, Puri acknowledged the challenges the Indian upstream sector faced between 2006 and 2016—a “dull decade” marred by policy paralysis and procedural delays, leading to the exit of global energy giants like BP, ENI, and Santos. However, the tide has turned. “We were determined to unlock India’s untapped energy potential, estimated at approximately 42 billion tonnes of oil and oil equivalent of gas,” he said.

The government has implemented a series of “transformative reforms” over the past decade. A key achievement has been the expansion of exploration activity, with the explored area of India’s sedimentary basins increasing from 6 percent in 2014 to 10 percent today, with a target of reaching 15 percent, he added.

Puri reiterated the commitment to increasing exploration acreage to 1 million sq. km by 2030, highlighting the dramatic 99 percent reduction in “No-Go” areas within India’s Exclusive Economic Zone (EEZ).