As part of its efforts to fulfil increasing energy demand and decrease reliance on imports, the Ministry of Petroleum and Natural Gas has set a target to raise domestic crude oil output from 29 million metric tonnes (MMT) to 35 million metric tonnes (MMT) by 2030.
In a written response to the Lok Sabha, Hardeep Singh Puri, the petroleum minister, detailed a number of legislative and policy initiatives that would increase the country’s exploration and production efforts. Among the most important programs are the Discovered Small Field (DSF) Policy, the Hydrocarbon Exploration and Licensing Policy (HELP), and changes to the Production Sharing Contract (PSC) regime that will allow for the early monetisation of finds. In order to maintain production from the existing blocks, the government has additionally extended PSCs.
Previously limited ‘no-go’ offshore areas, totalling roughly 1 million sq km, will now be open for exploration as part of a massive structural reform, unleashing enormous unrealised hydrocarbon potential. The government is spending approximately ₹7,500 crore on drilling stratigraphic wells throughout onshore and offshore basins and obtaining high-quality seismic data in order to increase investor engagement. In addition, new authorisations have been issued allowing the acquisition of 30,000 LKM of 2D seismic data outside of India’s EEZ and 20,000 LKM on land.
