LNG News Editor:
LNG importer India said plans were advancing for more exploration and production of domestic energy resources as the nation was preparing to launch a 10th bidding round for oil and gas blocks in August or September.
The Indian Minister for Petroleum and Natural Gas Hardeep Singh Puri has also called for an increase in India’s oil and gas production to reduce reliance on imports and for energy security.
Speaking at an event on July 13, Puri stated that India's sedimentary basins had outstanding potential to monetise an estimated 651.8 million tons of crude oil and 1,138.6 billion cubic metres of natural gas.
More investment
Minister Puri emphasized the need for more investment in national energy production, noting that exploration and production could offer investment opportunities worth $100 billion by 2030.
“I find it strange that India is so dependent on imported oil despite the abundant geological resources we have,” Puri declared.
Indian Prime Minister Narendra Modi visited Russia earlier in July 2024 and said at the time that both countries were exploring the possibility of expanding cooperation in the natural gas sector.
Modi added that India would continue to import around 3 million tonnes per annum of Russian LNG and the volumes could be increased by Asia’s fourth-largest importer after China, Japan and South Korea.
Latest Indian data showed monthly domestic natural gas production at 3 Bcm, which is slightly higher than LNG monthly imports of just over 2.7 Bcm.
India’s Directorate General of Hydrocarbons (DGH) is additionally addressing production issues and is preparing to launch its 10th bidding round for oil and gas blocks.
The latest bidding round will include 25 blocks across 13 sedimentary basins. The DGH said a successful bidding round was “essential” for exploration and production activities.
The areas on offer range from land blocks covering 16,871 square kilometres, to shallow water blocks and even ultra-deepwater blocks extending over 12,373 square kilometres.
