India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts

New Delhi, July 9 (IANS) As one of the world's largest offshore energy exploration efforts, India is set to explore more than 2.5 lakh square kms area under the Open Acreage Licensing Programme (OALP) Round X, Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Wednesday.

“We are ready! For entering a new era of energy… In the field of oil and gas exploration and production, there are no longer obstacles, only possibilities,” the minister said in a post on X.

In this regard, Hardeep Puri attended a meeting of the Offshore Energy Cluster in Bergen, Norway.

“The bold decision taken by PM Narendra Modi on the 'no go' area is not only enhancing the country's energy strength but also preparing India to lead a major transformation in the energy sector,” said the minister.

The union minister also met Kristian Sorensen, CEO of BW-LPG which is the world’s leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 4 million CBM.

“The company is among the leaders in LPG shipping, accounting for 20 per cent of LPG imports into India. In our meeting in the Norwegian capital Oslo, we discussed ways of further strengthening the collaboration between BW-LPG and Indian energy companies,” said Hardeep Puri.

Meanwhile, the oil and gas blocks being offered under the OALP has already garnered attention from global and domestic energy players, and Round X is expected to set new benchmarks for participation and investment.

The Petroleum Ministry has invited feedback and suggestions on Draft Petroleum and Natural Gas Rules, Model Revenue Sharing Contract (MRSC) and Petroleum Lease before July 17, 2025 as part of the country’s focus to accelerate the oil and gas sector.

Hardeep Puri is slated to engage with ministers, officials and industry leaders at ‘Urja Varta 2025’ at Bharat Mandapam on July 17 in the run-up to India’s Round X of exploration and production bidding for oil and gas blocks, which is the biggest globally.

—IANS

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