Page 58 - Policy Economic Report - September 2026
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POLICY AND ECONOMIC
OIL & GAS MARKET
In his remarks, HE Al Ghais stated that “Dialogue with India is a priority for OPEC because we recognize
India’s importance within the current global energy landscape and the fact that this importance will
only increase in the decades ahead”. He added that the “OPEC-India Energy Dialogue is eleven years
strong, having been launched in New Delhi in 2015”.
The Secretary General commended India’s balanced, realistic and pragmatic approach to addressing
energy challenges, emphasizing that “many of India’s energy priorities are OPEC’s priorities”.
HE Al Ghais also praised the Indian Government's firm commitment to international collaboration and
dialogue. He stressed, “What is particularly heartening about our dialogue is the fact that the Indian
Government has consistently advocated diplomacy and dialogue as the means of resolving the great
challenges of our age”.
HE Al Ghais thanked all participants for their valuable contributions. He also expressed the OPEC
Secretariat’s sincere gratitude to HE Hardeep Singh Puri for the gracious hospitality extended to the
OPEC delegation.
The Meeting commended the progress achieved to date within the framework of the dialogue,
including at the technical level. It concluded with both parties underscoring the vital importance of
fostering even deeper energy cooperation between OPEC and India.
It was agreed to hold the 8th High-Level Meeting of the OPEC-India Energy Dialogue at a mutually
convenient date in Vienna, Austria.
3. New gas discovery springs up from India’s frontier deepwater basin
India’s government-owned energy giant Oil and Natural Gas Corporation (ONGC) has made a new
natural gas discovery in the deep waters of the Mahanadi Basin off the country’s east coast.
The drilling campaign that led to the latest gas discovery was launched on July 25, 2026, by Hardeep
Singh Puri, India’s Minister of Petroleum and Natural Gas, with the spudding of the MDW-28 (MN-
DW18-1-H-D) exploration well in the deep offshore Mahanadi Basin.
MDW-28, which is described by the Asian company as the first well in its current deepwater campaign
in this basin, is reported to flow gas with encouraging rates and sustained reservoir pressure.
The well is part of ONGC’s deepwater exploration campaign under the government of India’s Samudra
Manthan initiative. Following subsurface data evaluation, the well was perforated on September 18,
2026.
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