The country aims to reduce its dependence on energy imports, develop its own infrastructure and strengthen its position in the global market

India is launching a new phase of exploration for oil, gas, and coalbed methane both onshore and offshore, according to ANI, a partner of TV BRICS.

The initiative was presented by India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri.

“This is a decisive step aligned with Prime Minister Narendra Modi’s vision […] to expedite tenders, expand acreage and strengthen India’s energy security. The quest to discover India’s hidden energy wealth continues,” he noted.

Under the Open Acreage Licensing Policy (OALP), 25 blocks covering an area of approximately 182,589 sq km had previously been offered, and the 11th phase adds a further 80,228 sq km. Together, they open up 262,817 sq km of territory for exploration.

The Indian government has created favourable conditions to attract companies to participate in hydrocarbon exploration. Key benefits of the programme include the retention of exploration rights throughout the contract period and a flexible revenue-sharing scheme.

The Open Acreage Licensing Policy (OALP) is a policy introduced by the Indian government to stimulate oil and gas exploration and production. The OALP simplifies investors’ access to hydrocarbon exploration – they select blocks themselves based on publicly available data and submit applications at a time that suits them. This speeds up the process from site selection to the start of operations and helps to develop the country’s resources more efficiently.

African Times published this article in partnership with International Media Network TV BRICS