Season’s greetings and wishing everyone good health and happiness.
India is set to continue as one of the world's fastest growing major economies in 2023 even as the world prepares itself for a year of sluggish growth. A rapidly growing economy will drive energy demand and Government of India is relentlessly pursuing the goal of energy security while adhering to sustainability imperatives and keeping in mind the best interest of the citizens.
Oil and gas, which cater to a third of the energy demand, will continue to remain a key source of energy in India with share of gas in energy mix to progressively increase to 15% over mid-term. Hence, ramping up domestic oil and gas production is an absolute imperative for energy security of the country. The Indian upstream community is collectively striving to achieve the goals set out under E&P Action Plan 2023-24, and there are signs of steady progress in that direction.
Government of India has introduced several progressive and far-reaching reforms in recent years to provide a fillip to the E&P sector. Recently, about 99% of the erstwhile ‘No-Go’ areas in EEZ have been released for E&P activities. The launch of the Offshore Bid Round followed wherein 23 offshore blocks with exploration acreage of 0.22 million SKM. spanning 7 sedimentary basins are on offer. I invite the global E&P companies to come forward and participate in this bid round.
Initiatives have been taken for promoting Ease of Doing Business such as and online systems have been introduced for speedy contract management. An alternate Dispute Resolution Mechanism has been put in place for speedy redressal of contractual disputes, which is working smoothly. Seamless export of E & P data has been allowed to enable companies to analyse data.
DGH has introduced a host of applications and systems, such as the Urja Pragati and Upstream India portals to assist Operators for hassle free operations, transparent contract management, expeditious approvals and clearances, and to engage with the potential investors.
Reaffirming the importance of data, DGH is coordinating data acquisition initiatives in Andaman Offshore and EEZ, being funded by Government. The upgradation of National Data Repository and its transition to cloud platform will be completed in 2023. We are also planning to set up virtual data rooms for anytime-anywhere access to the data along with revision of E&P Data Policy.
We are solidly committed to the objectives of reducing carbon footprints and are working with the E&P companies to ensure environment friendly petroleum operations. We are also actively working to evolve a plan to adapt ourselves to the changing landscape of energy transition.
With the reforms, systems, and processes in place, we firmly believe that the Indian E&P sector is poised for significant growth. In addition to the ongoing CBM Bid Round and OALP VIII and IX Rounds, several other investment opportunities are in the pipeline in this year, especially in the areas of offshore exploration and development. As the technical arm of MoPNG, DGH is keen to support the investors and all other stakeholders interested to be part of India’s emerging E&P story.
I take this opportunity to thank everyone who helped shape growth of India’s E&P sector in 2022 and wish all stakeholders good luck for our collective pursuit of energy security in 2023.
S. C. L. Das