offshore oil exploration – Bharat Pulse News

India is set to pass a new law in the upcoming parliament session aimed at encouraging investments in offshore oil exploration, Union Petroleum and Natural Gas Minister Hardeep Singh Puri announced on Tuesday. The proposed law will replace the existing Oilfields (Regulation and Development) Act of 1948, modernizing the legal framework for the country’s oil sector. The initiative is part of a broader strategy to attract exploration activities in previously restricted offshore zones. The minister revealed that the government has recently opened up around 1 million square kilometers of no-go areas for oil exploration. “These zones were previously restricted due to issues raised by the Navy, Coast Guard, or DRDO,” said Mr. Puri, adding that the government reached this decision after thorough internal discussions. New Law to Facilitate Offshore Oil Investments Mr. Puri highlighted that the new law would be passed in the next parliament session, which is expected to convene next month. He made the announcement during the Financial Times Conclave held in New Delhi. “I filed in the parliament, and in the next session, it will be enacted into law,” he confirmed. The ninth round of the Open Acreage Licensing Policy (OALP), which was open for bids from January to September, saw 38% of all bids focusing on exploration in previously no-go zones. The government’s decision to unlock these areas has attracted interest from both domestic and international companies. The 10th round of the OALP will be conducted once the new law is enacted. India’s Push for Energy Independence Minister Puri emphasized that India’s oil exploration drive is crucial for reducing its dependency on crude oil imports, which currently stand at around 80% of the country’s total requirement. The minister also outlined India’s ambitious plans to scale up its oil-refining capacity from the current 252 million metric tonnes per annum to approximately 400 million metric tonnes. Puri pointed to the success story of Guyana, which struck oil after multiple exploration attempts. He suggested that India’s no-go zones have the potential for similar discoveries. “If you have a major oil find in the same ocean, there are several Guyanas to be made,” he stated. Green Hydrogen and Ethanol Blending to Shape Future Energy Policies Mr. Puri also discussed the country’s efforts to promote green hydrogen as the fuel of the future. He noted that a decrease in the price of green hydrogen would significantly reduce India’s oil imports, aligning with the country’s energy security goals. Additionally, India is on track to achieve 20% ethanol blending by October 2025, five years ahead of the initial target. Ethanol blending is an essential component of the country’s strategy to reduce emissions and dependency on traditional fossil fuels. The introduction of the new law is expected to open up new avenues for investment in the oil and gas sector, contributing to India’s long-term energy security and economic growth.

India to Pass New Law for Offshore Oil Exploration Boost

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