India's oil, gas exploration offers $100 bn opportunity, says Oil Min Puri

Oil Minister Hardeep Singh Puri on Thursday called for stepping up oil and gas hunt to cut India's reliance on imports and making available fuel at an affordable and sustainable way.

Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

"E&P offers investment opportunities worth USD 100 billion by 2030," he said.

Stating that India's exploration and production potential still lies untapped, he said, "I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us."

The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said.

Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends.

"The focus of our exploratory ...