Narendra Modi discusses energy strategy with officials in a sunlit Indian office.
India is aggressively pursuing domestic oil, gas, and coalbed methane exploration to enhance energy security and reduce import dependence. Minister for Petroleum and Natural Gas Hardeep Singh Puri is spearheading the initiative, aligning with Prime Minister Narendra Modi’s goal to expand exploration acreage and expedite tenders.
The Open Acreage Licensing Policy (OALP) has been pivotal. Initially offering 25 blocks covering 182,589 sq km, the 11th phase adds another 80,228 sq km, bringing the total exploration area to 262,817 sq km, according to TV BRICS. The government is incentivizing participation by granting exploration rights for the contract duration and implementing a flexible revenue-sharing model.
The OALP streamlines investment by allowing companies to select blocks based on public data and submit applications at their convenience. This aims to promote efficient resource development and attract more players to India’s energy sector.
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