Exploration & Production sector offers investment opportunities worth $100 billion by 2030: Hardeep Singh Puri
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Underscoring the importance of the exploration and production (E&P) sector in achieving energy self-sufficiency and sustaining economic growth, Minister of Petroleum & Natural Gas Hardeep Singh Puri has said that the E&P sector offers investment opportunities worth $100 billion by 2030.
Minister also highlighted the vast potential of India’s 26 sedimentary basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped. Further, highlighting the need to streamlining operational and regulatory processes, Puri stressed that the government is doing its part to catalyse investments in E&P. Puri also added that the Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to the nation's progress.
Besides, the Minister announced the formation of a Joint Working Group (JWG) comprising representatives from private E&P operators, the National Oil Companies, MoPNG, and the Directorate General of Hydrocarbons (DGH) to address industry concerns and improve the ease of doing business in the sector. Further, he directed the DGH to complete the process of integration of its various online portals by the end of the year.
