India Eyes $20 Trillion Oil Windfall with ‘Guyana‑Sized’ Find
India’s Petroleum and Natural Gas Minister, Hardeep Singh Puri, has signalled a potential game‑changer in India’s energy sector: a “Guyana‑sized” oil discovery in the Andaman Sea. Early estimates suggest this find could translate into a staggering $20 trillion leap, dramatically boosting the nation’s hydrocarbon capabilities.
Andaman oil exploration
India is aggressively expanding its offshore and onshore exploration efforts, charting nearly 1 million km² of its 3.5 million km² sedimentary basin through the Open Acreage Licensing Policy (OALP). In Round 9, roughly 38% of bids focused on newly accessible zones—an area anticipated to grow to 80% in future rounds. The latest auction alone covers 250,000 km², marking the country’s largest offering yet.
Hardeep Puri claims that ONGC drilled 541 wells in FY 2023–24—the highest number in 37 years—spending ₹37,000 crore on capital expenditure.
Puri optimistically said in an exclusive interview with The New Indian: “Now things are changing, and I’m very confident that we’ll find many more oil fields. Very very quickly.”
Hardeep Puri’s push for energy self-reliance
The minister emphasized the critical need to scale up domestic hydrocarbon production as a step toward reducing India’s 85% dependency on oil imports. Citing the ongoing transformation, he described the current regulatory changes and policy shifts as vital steps toward energy independence.
$20 trillion economic leap
Puri drew a direct link between oil finds and India’s future economy:
“Apart from these little discoveries… that we find Guyana and then you will go from a $3.7 trillion economy to a $20 trillion economy straight away.”
This comes as India seeks to modernize its energy laws. The new Oil Fields Regulation and Development Amendment Bill replaces colonial-era rules from 1948.
“It (the bill) rectifies that. It helps to solve the problems and also achieves the goals for those private companies… The bill has been brought after large-scale interaction with industry players…”
Global oil majors invited
India is extending invitations to international oil giants like ExxonMobil, BP, and Chevron to invest under new, profit-sharing models. Over 1 million square kilometres have been unlocked for exploration, and the government is offering first rights to those who strike oil. These measures aim to increase India’s recoverable oil reserves and attract cutting-edge technology from global players.
