New Delhi

Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Friday that India is setting up a data centre at the University of Houston to provide easy access to critical geological data. The move aims to encourage global oil and gas companies to invest in India’s exploration & production (E&P) sector.

Speaking at the inaugural event of GEO India 2024, Puri emphasised that the government has effected several measures to open up India’s E&P sector as the world’s third largest crude oil importer is working towards enhancing oil and gas production.

GEO India is the country’s premier South Asian geosciences conference and exhibition. It is expected to draw around 2,000 participants and feature over 20 conference sessions, four plenary discussions and over 200 technical papers.

Assuring an “interference-free administration”, the minister said that the government has proposed amendments to the Oilfields (Regulation and Development) Amendment Bill, 1948, which ensures policy stability for oil and gas producers. It also allows for international arbitration and extends lease periods. The bill, which was introduced in Parliament in August, is expected to be passed in the upcoming winter session, scheduled for later this month.

The ministry has introduced ‘petroleum lease’ and has expanded the definition of mineral oils to include crude oil, natural gas, petroleum, condensate, coal bed methane, oil shale, shale gas, shale oil, tight gas, tight oil and gas hydrate. Besides, it also separates mining operations from petroleum operations.

Puri also outlined key reforms such as simplifying the approval process for E&P activities, reducing 37 approval processes to just 18, of which nine are now available for self-certification.

The minister further emphasised that the government has effected several significant reforms to stimulate growth in India’s energy sector, including the shift from the previous regime’s Production Sharing Contracts (PSCs) to the new Revenue Sharing Contracts (RSCs), which provides greater clarity and predictability for investors.

Another key area of focus has been improving access to data concerning India’s sedimentary basins. The government has made significant strides in facilitating data availability through initiatives like the National Seismic Programme (NSP) for onshore areas, EEZ surveys for offshore areas, and the opening up of previously unexplored regions such as the Andaman Basin.

The recent Open Acreage Licensing Policy (OALP) bidding round IX marked a historic milestone, with 136,596 sq.km of exploration area offered in 28 blocks across eight sedimentary basins, the minister said.

Notably, 38 per cent of the area offered in this round had previously been classified as ‘No-Go’ areas. The round saw a strong response, with a total of 60 bids receiving for 28 blocks, reflecting heightened interest from both Indian and foreign companies. The average number of bids per block increased to 2.4, compared to just 1.3 per block in the previous round, he added.

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