As many as 10.60 crore homes in India are cooking with affordable LPG while 67 million people visit fuel stations every day in the country which is now the world’s third largest consumer of oil and LPG, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Sunday.
“From deepwater exploration to green hydrogen and bioenergy, Bharat is building a future that’s secure, sustainable and self-sufficient under Prime Minister Narendra Modi’s leadership,” the minister said in a post on X.
The minister also highlighted that the country is the 4th largest LNG importer and refining hub in the world while 5.5 million barrels of oil are used daily.
“Energy is more than fuel – it is the heartbeat of a new Bharat. It powers industries, connects people, and fuels the aspirations of 1.42 billion Indians,” he remarked.
The minister had earlier said that India’s energy sector is rising through global uncertainty with the reforms that have been rolled out in the oil and gas sector.
“While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA) and Jamnagar is now Asia’s largest refinery, exporting petroleum products to 100+ countries,” the minister had stated.
Highlighting the reforms in the upstream oil and gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business.
He said over $1.3 billion has been invested in the upstream segment to increase oil exploration and production.
The minister has highlighted that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile ‘No-Go’ offshore areas in 2022.
Since 2015, Exploration and Production (E and P) companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. The Minister highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system.
The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin’s proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region.
