India is expanding its hydrocarbon exploration with a rapid speed. (Image Credit - ANI)
At the 9th OPEC International Seminar in Vienna on Wednesday, Union Petroleum and Natural Gas Minister Hardeep Singh Puri outlined India’s ambitious roadmap to boost its domestic energy production and strengthen energy security.
Puri said that India is aiming to double its oil and gas exploration area to 500,000 sq km by 2025 and further expand it to 1 million sq km by 2030. To achieve this the government has opened up 250,000 sq km under the latest Open Acreage Licensing Policy (OALP) Round-10, with particular focus on the resource-rich Andaman Sea—an area showing signs of potential discoveries on the scale of those made in Guyana.
Currently, India is currently the world’s third-largest energy consumer with a daily oil demand of about 5.4 million barrels. The country is importing crude oil from 40 markets and investing heavily in refining and petrochemicals infrastructure. India plans to ramp up its refining capacity to 310 million metric tonnes per annum (MMTPA) by 2028 and grow its petrochemical industry to a USD 300 billion sector by 2030 as highlighted by Union Minister.
“We are navigating today’s volatile global energy landscape through a multi-dimensional approach that includes diversifying our crude import sources from 27 to 40 countries now, enhancing domestic production, developing alternative fuel sources, transition towards gas based economy and aiming to become a global refining hub by increasing our refining capacity to 310 MMTPA by 2028 and augmenting petrochemical capacity to be a USD 300 billion industry by 2030,” the minister further added.
“India will be responsible for 25% of the increase in global energy demand going forward,” Puri emphasized. “We are not just a driver of global growth—we are a stabilizing force in the energy markets.”
He reiterated India’s twin targets of achieving energy independence by 2047 and reaching net-zero carbon emissions by 2070. A big part of this effort is India’s green transition, especially through the use of sustainable biofuels.
Hydrocarbons are organic substances composed solely of hydrogen and carbon atoms. They are the primary components found in fossil fuels like crude oil, natural gas, and coal.
Hydrocarbon exploration refers to the process of locating underground reserves of these resources—primarily oil and natural gas—within the Earth’s crust. This activity is also commonly known as oil and gas exploration.
(With ANI Inputs)
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