The government plans to boost domestic crude oil production to 35 million metric tonnes by 2030 from the current 29 million tonnes. This target is set to cater to the growing demand for petroleum products in the country. Various measures are being implemented to enhance oil and gas production and reduce reliance on crude oil imports.
In a written reply in the Lok Sabha, Minister of Petroleum and Natural Gas Hardeep Singh Puri highlighted initiatives such as the adoption of policies like the production sharing contract (PSC) regime. These policies aim at early monetization of hydrocarbon discoveries, including the Discovered Small Field Policy and Hydrocarbon Exploration and Licensing Policy (HELP).
Moreover, the government has unlocked about 1 million sq km of ‘no-go’ areas in offshore hydrocarbon basins that were previously restricted from exploration. Additionally, significant investments are being made, with around Rs 7,500 crore allocated for acquiring seismic data in onland and offshore areas, along with drilling stratigraphic wells to provide quality data of Indian sedimentary basins to potential bidders.
Furthermore, the government has approved the acquisition of additional 2D Seismic data to further enhance exploration efforts. Initiatives promoting alternative fuels in the petroleum sector, such as Compressed Natural Gas (CNG), Piped Natural Gas (PNG), Compressed Bio Gas (CBG), and Ethanol blended Petrol, are also being encouraged.
