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Currently, only 10% of India's 3.36 million sq km wide sedimentary basin is under exploration. India boasts significant discoveries in the Krishna-Godavari, Barmer, and Assam basins, but exploration in other areas have been slower to develop. Of India's 3.14 million square kilometers of sedimentary basins, 1.3 million sq km are in deep watersHyderabad Investment. India had its first foray into deepwater exploration in the Bay of Bengal earlier this year in the Krishna-Godavari Basin, courtesy of India's state run Oil and Natural Gas Corporation (ONGC). ONGC said it was planning to spend over $10 billion developing multiple deepwater projects in its KG-DWN-98/2 block in that basin.
Petroleum Minister Hardeep Singh Puri says that this 10% figure will jump to 16% in 2024 following the award of blocks under the Open Acreage Licensing Policy (OALP) roundsChennai Investment. So far, OALP has resulted in the award of 144 blocks covering about 244,007 sq km. Under OALP, India allows upstream exploration companies to carve out areas for oil and gas exploration and put in an expression of interest for any area throughout the yearLucknow Stock. The interests are accumulated thrice a year following which they are put on auction. According to Puri, India's Exploration and Production (E&P) activities in the oil and gas sector offer investment opportunities worth $100 billion by 2030.
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In February, Oil India said it was targeting a 100% increase in its exploration acreage in the coming years, and was looking for partners to help it explore offshore areas.
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