India witnessing renewed surge in oil and gas exploration says Petroleum Minister

The Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri has stated that India is witnessing a renewed surge in oil and gas exploration, particularly in offshore regions, underscoring the countrys vast untapped hydrocarbon potential. He noted that the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022 has been a landmark development. This move has unlocked significant exploration frontiers, especially in deepwater and frontier regions such as the Andaman-Nicobar (AN) offshore basin, and has been instrumental in triggering the current momentum in offshore activity. Since 2015, Exploration and Production (E&P) companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas.

Powered by Capital Market - Live News