India offers $100b investment in energy sector by ’30

India has unveiled ambitious plans to attract global investments totalling $100 billion in the energy sector by 2030, according to Hardeep Singh Puri, the Minister of Petroleum and Natural Gas.

The Indian government plans to increase the area for oil and gas exploration to one million square kilometres by 2030.

Currently, only 10 per cent of India’s sedimentary basin area is explored, but this is expected to rise to 16 per cent after the upcoming Open Acreage Licensing Policy (OALP) rounds by the end of the year.

Minister Puri announced the formation of a Joint Working Group comprising representatives from private sector exploration and production enterprises, national oil companies, the Ministry of Petroleum and Natural Gas, and the Directorate General of Hydrocarbons (DGH).

The group aims to improve the energy sector’s business environment by addressing industry concerns. They have already streamlined 37 approval processes to 18, with nine now eligible for self-certification.

India has made significant progress in reducing “no-go” areas within its exclusive economic zone (EEZ), achieving a nearly 99 per cent reduction.

Attribution: WAM