At the inaugural ceremony of GEO India 2024, Hardeep Singh Puri, India’s Minister of Petroleum and Natural Gas, emphasized the crucial role energy plays in the nation’s economic growth and development. Addressing a packed audience at India’s premier South Asian geosciences conference in Greater Noida, Puri described energy as the “spinal cord for economic growth” and highlighted how the surging energy demand in India is a key driver of the country’s future. With India’s fuel demand growing at three times the global average, the minister pointed out that India is expected to account for 25% of the global increase in energy consumption over the next two decades.

GEO India 2024, organised by the Association of Petroleum Geologists, is the sixth edition of the event, attracting top experts in Exploration and Production (E&P) from India and abroad. This year’s theme, “Exploring New Dimensions of Energy Dynamics,” reflects the evolving landscape of energy exploration, particularly in India, where demand continues to rise with the country’s rapid economic expansion.

Puri noted that India currently has 651.8 million metric tons of recoverable crude oil reserves and 1,138.6 billion cubic meters of natural gas reserves within its sedimentary basins. However, much of the country’s exploration potential remains untapped. When the current government took office in 2014, only 6% of India’s sedimentary basins had been explored. Today, that figure has risen to 10%, with plans to expand to 16% by 2025, and further to 1 million square kilometers by 2030. This will significantly bolster India’s energy security.

The Minister also outlined several key reforms aimed at boosting India’s energy sector. One of the major reforms includes simplifying the approval process for exploration and production activities, reducing 37 approval processes to just 18. Nine of these are now available for self-certification, easing the way for businesses. Furthermore, the introduction of the Oilfields (Regulation and Development) Amendment Bill in 2024 provides policy stability for oil and gas producers, allows for international arbitration, and extends lease periods. Additionally, nearly 99% of the “No-Go” areas in the Exclusive Economic Zone (EEZ) have been opened up for exploration.

Puri also discussed the shift from the old Production Sharing Contracts (PSCs) to the new Revenue Sharing Contracts (RSCs), which offer greater clarity and predictability for investors. He underscored the government’s efforts to improve data accessibility through initiatives such as the National Seismic Programme (NSP) and offshore surveys, as well as the establishment of a new data center at the University of Houston to provide easier access to critical geological data for international companies.

A major milestone in India’s exploration efforts was achieved during the Open Acreage Licensing Policy (OALP) bidding round IX. In this round, 136,596 square kilometers of exploration area were offered in 28 blocks across 8 sedimentary basins, including areas previously classified as “No-Go” zones. The bidding process saw a strong response, with 60 bids received, reflecting a growing interest from both Indian and foreign companies.

Looking to the future, Puri expressed optimism about India’s potential in green hydrogen production, an area where the country is aiming to become a global leader. He outlined ongoing projects focused on hydrogen blending in natural gas pipelines, the localization of electrolyser technologies, and bio-pathways for green hydrogen production. Green hydrogen, which the Minister described as “the fuel of the future,” is central to India’s long-term energy strategy and its plans to become a global hub for green hydrogen production and exports.

Puri concluded by expressing confidence in the innovative capabilities of geoscientists to lead the energy revolution in India, ensuring energy security for all citizens and addressing future challenges. GEO India 2024 is expected to attract around 2,000 participants, featuring over 20 conference sessions, 4 plenary discussions, and more than 200 technical papers.

Encouraging continued innovation and collaboration, Puri urged participants to embrace sustainability and foster cooperation in tackling the future challenges of the energy sector.