Page 58 - Policy Economic Report_Mar'25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Aligned with the ‘Viksit Bharat 2047’ vision, this milestone positions India to become fully self-reliant in
the energy sector. Through continued strategic reforms, technological advancements, and a focus on
responsible resource management, India’s journey towards an Atmanirbhar Bharat remains on track.
This achievement is a testament to the nation’s unwavering dedication to securing a self-reliant, energy-
secure future for generations to come.

Key Policy developments / Significant news Energy Sector in FY 2024-25: A brief review of the past
year

March 2025
Oilfield (Regulatory and Development) Amendment Bill passed in Lok Sabha

Lok Sabha passed the Oilfield (Regulatory and Development) Amendment Bill, 2024. The Bill was earlier
passed by the Rajya Sabha on 3rd December, 2024. The Bill intends to reform the legal framework to
meet the current needs and market conditions and to make the sector more attractive to investors so
that exploration and production of oil and gas could be increased further. The Bill will play a key role in
India’s quest for ensuring energy availability, accessibility, affordability and security for the citizens and
fulfilling the Hon’ble Prime Minister’s vision of Viksit Bharat by 2047.

February 2025
Hardeep Singh Puri launched the 10th round of the Open Acreage Licensing Policy (OALP) on the
sidelines of India Energy Week 2025

The Minister for Petroleum and Natural Gas Hardeep Singh Puri launched the 10th round of the Open
Acreage Licensing Policy (OALP) on the sidelines of India Energy Week 2025. This round is the largest bid
round in terms of acreage offered in a single OALP bid round. The round-X puts 25 blocks on offer across
13 sedimentary basins, including 19 offshore blocks. The blocks are cumulatively spread over an area of
1.91 lakh sq km. This round is also the largest offshore block bid round with 19 offshore blocks on offer,
covering an area of 1,75,115 sq km. Out of the total 25 blocks on offer, 16 blocks with an area of
97,919.6 Sq Km (51 percent) fall in earlier ‘No-Go’ area. Out of 25 blocks, six are onland, six are in
shallow water, one in deep water and 12 blocks are in ultra deep-water areas. There are nine category-I
blocks, 11 Category-II blocks and five Category-III blocks.

January 2025
India’s Renewable Energy Revolution

India accelerated its transition towards a sustainable future, its renewable energy (RE) sector witnessed
an unprecedented growth. In 2024, the country made significant strides in solar and wind energy
installations, policy advancements, and infrastructural improvements, setting the stage for ambitious
targets in 2025. With a commitment to achieving 500 GW of non-fossil fuel-based energy capacity by
2030, India is emerging as a global leader in clean energy. As on 20th Jan 2025, India’s total non-fossil
fuel based energy capacity has reached 217.62 GW. The year 2024 saw a record-breaking 24.5 GW of
solar capacity and 3.4 GW of wind capacity added, reflecting a more than twofold increase in solar
installations and a 21% rise in wind installations compared to 2023. This surge was driven by

March 2025 Page | 57