Union Minister for Petroleum and Natural Gas Hardeep Singh Puri has said India holds the potential for multiple large-scale oil and gas discoveries — likening the prospects in the Andaman region to the dramatic success story of Guyana, which recently emerged as a major energy producer.
Speaking to ANI, the minister highlighted a major policy shift aimed at unlocking India's vast, underexplored sedimentary basins. “India has 3.5 million square kilometers of sedimentary basin. Yet, until recently, only 8% had been explored,” Puri said. “There were parts of the basin that were classified as no-go areas. We have now opened up 1 million square kilometers of these areas for exploration and production (E&P).”
The comments come at a time when India is seeking to enhance its energy security by ramping up domestic fossil fuel production amid high import dependency. The country currently imports approximately 80% of its crude oil and 50% of its natural gas requirements.
"Even a 5-billion-barrel discovery would be a game-changer," Puri said, underlining the stakes involved.
Major Licensing Push Underway
Under the Open Acreage Licensing Policy (OALP), the government has thus far completed nine bidding rounds. According to the minister, 38% of these bids — covering 1 million square kilometers — have been successfully awarded. He expects the upcoming round to attract participation for more than 75% of the blocks on offer.
“We’ve issued some of the largest bids on offer anywhere globally — around 2.5 lakh square kilometers of exploration area is currently open for bidding,” he said.
Puri also estimated that India’s sedimentary basins hold approximately 42 billion tonnes of oil and gas reserves, emphasizing that tapping into this resource base could transform the country’s energy landscape.
However, the minister acknowledged the capital-intensive nature of offshore exploration, which has long been a hurdle. “An onshore well costs about USD 4 million. Offshore wells, on the other hand, cost nearly USD 100 million on average,” he noted.
India's ‘Guyana Moment’
Drawing parallels with Guyana’s recent emergence as an oil powerhouse, Puri said India could see similar outcomes if it continues to invest in deep-sea exploration — particularly in the Andaman region.
"They [Guyana] dug 46 wells and found nothing. But the 47th well turned out to be the largest oil find. We have the potential of several Guyanas in the Andaman," he asserted.
Highlighting recent domestic successes, the minister said the Suryamani well has shown a potential of 4 million metric tonnes of oil, while Neelmani holds about 1.2 million metric tonnes. Additionally, another offshore well drilled to a depth of 2,865 meters has revealed both oil and gas reserves.
“These are conservative estimates,” Puri added, indicating that India’s untapped energy reserves could be far greater than currently projected.
As the government accelerates exploration initiatives and opens new basins to global and domestic investors, the push for energy self-sufficiency is expected to gain momentum — possibly heralding a transformative chapter in India's energy sector.
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