Page 43 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Another key area of focus has been improving access to data concerning India’s sedimentary basins. The
government has made significant strides in facilitating data availability through initiatives like the National
Seismic Programme (NSP) for onshore areas, EEZ surveys for offshore areas, and the opening up of
previously unexplored regions such as the Andaman Basin. Shri Puri noted that the government is also
making data more accessible to international companies by setting up a new data centre at the University
of Houston, enabling foreign firms to view critical geological data with ease.

The recent Open Acreage Licensing Policy (OALP) bidding round IX marked a historic milestone, with
136,596 square kilometers of exploration area offered in 28 blocks across 8 sedimentary basins. Notably,
38% of the area offered in this round had previously been classified as “No-Go” areas. The round saw a
strong response, with a total of 60 bids received for the 28 blocks, reflecting heightened interest from
both Indian and foreign companies. The average number of bids per block increased to 2.4, compared to
just 1.3 per block in the previous round.

Looking ahead, Shri Puri expressed optimism about India’s energy future, particularly in the field of green
hydrogen. With projects focused on hydrogen blending in natural gas pipelines, the localization of
electrolyser technologies, and the promotion of bio-pathways for green hydrogen production, India is
positioning itself as a future global leader in green hydrogen production and exports. The Minister
emphasized that green hydrogen is seen as the fuel of the future, and India is committed to becoming a
global hub for its production.

GEO India 2024, is expected to draw around 2,000 participants and feature over 20 conference sessions,
4 plenary discussions, 200+ technical papers, and 50+ exhibition booths. “I have great faith in the
innovative minds of geoscientists to lead an energy revolution in India, ensuring energy security for every
citizen and meeting future challenges,” Shri Puri said.

Shri Puri encouraged the participants of GEO India 2024 to continue fostering innovation, embracing
sustainability, and collaborating to address the challenges of the future.

In just two years, IEW becomes prominent part of global energy calendar: Petroleum Minister Hardeep
Puri

“Government of India has undertaken landmark reforms in the upstream, midstream, and downstream
sectors of Hydrocarbon industry in India”, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural
Gas while speaking at an event. These reforms, which include the diversification of crude supplies, gas
pricing reforms, and the opening up of NO-GO areas, Shri Puri said, aim to create a sustainable, affordable,
and secure energy future for India. The Minister further highlighted amendments to the Oilfields
Regulation and Development (ORD) Act and efforts to expand refinery capacities and increase ethanol
blending in petrol.

The Minister was addressing the FIPI Oil & Gas Awards 2023 Ceremony, which celebrated excellence,
innovation, and leadership across more than 20 award categories, including “Digitally Advanced Company
of the Year,” “Sustainably Growing Corporate of the Year,” “Innovator of the Year,” and “Best Startup in
the Energy Sector.” The awards also recognized outstanding individuals, such as the “Young Achiever of

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