New Delhi:

Oil Minister Hardeep Singh Puri has called for stepping up oil and gas hunt to cut India’s reliance on imports and making available fuel at an affordable and sustainable way.

Speaking at the Urja Varta conference recently, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

“E&P offers investment opportunities worth USD 100 billion by 2030,” he said.

Stating that India’s exploration and production potential still lies untapped, he said, “I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us.”

The Indian sedimentary basins hold about 651.8 million tonnes of crude oil and 1138.6 billion cubic meters of natural gas, he said.

Mr Puri said only 10 per cent of our sedimentary basin area is under exploration, which will rise to 16 per cent by 2024-end after the current bid ends.

“The focus of our exploratory endeavours must pivot towards discovering ‘Yet to Find’ resources,” he said.

India imports over 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel in refineries.

“The government is doing its part to catalyse investments in E&P. The Ministry of Petroleum and Natural Gas (MoPNG) has instituted sweeping reforms, empowering stakeholders to contribute to our nation’s progress,” he said, adding “We intend to increase India’s exploration acreage to 1 million sq. km. by 2030.”

The minister said since its inception in 2015, the Discovered Small Field (DSF) Policy has garnered investments of approximately USD 2 billion and brought in 29 new players in the field.

“The opening up of the erstwhile no-go areas has paved the way for exploration activities in previously restricted zones, fostering investments, notably in regions such as the Andamans,” he said.

Mr Puri announced formation of a Joint Working Group (JWG), comprising representatives from private E&P operators, the National Oil Companies, MoPNG, and DGH to examine issues relating to the ease of doing business in E&P, adequacy of policies and procedures, and the need for their revision.

“It will submit its recommendations within eight weeks,” he added.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

Union minister Hardeep Singh Puri told NDTV today that the country is using all available forms of energy and the outlook for the sector was never better.

“No matter which way you look at it, if you look at green energy, the transition, biofuels… look at the 15 per cent transition we have done. We did 15 per cent biofuel blending. And we are solving the problem in agriculture,”  he said.

The Infrashakti campaign aims to go beyond steel and concrete and tell the story of India’s infrastructure growth through its people.

Infrashakti Awards, a defining part of the Infrashakti campaign, celebrates outstanding infrastructure practices across India.

By highlighting exceptional individual and institutional initiatives, it aims to inspire innovation and excellence across the country.

The awards cover diverse categories, from engineering feats to sustainable urban planning.

Union Minister for Housing and Urban Affairs Hardeep Singh Puri addresses at the National Urban Planning Conclave on Creating Sustainable Cities, at Vigyan Bhawan, in New Delhi on Thursday.
| Photo Credit: ANI

The Union government on Thursday said that the country’s rapid urbanisation presented an economic opportunity and implementing urban planning reforms were key to making the cities attractive investment destinations.

Addressing a conclave on urban planning here, Minister for Housing and Urban Affairs Hardeep Puri said that ₹15,000 crore had been allocated to implement various reforms in the urban sector.

He said the Union Urban Affairs Ministry had incentivised and prioritised reforms in areas such as modernisation of building bye-laws, integrated urban place designs to bring people and public spaces together, aided in integration of blue and green infrastructure through nature-based solutions and increased capacity building.

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The way forward was creating a holistic policy ecosystem for ensuring last-mile access to services, enhanced operational efficiencies, area-based planning, infusion of digital technology, ease of doing business and outcome-based performance frameworks, he said.

Mr. Puri said that the various missions under the aegis of the Ministry had helped make a quantum jump in the quality of life in cities “by providing universal access to water and sanitation, creating sustainable transportation infrastructure and addressing affordable housing requirements”.

The National Urban Development conclave, being held here on Thursday and Friday, is being attended by more than 1,000 participants which includes Principal Secretaries of State Urban Development Departments, Chief Town Planners, Urban Development Authorities and Urban Local Bodies and leading head of leading academic institutions.

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It is being organised under the aegis of the Atal Mission for Rejuvenation and Urban Transformation and is envisaged to be a platform for experts and policymakers to shape up the future of India’s urban planning and facilitate inclusive and sustainable urban development, a Ministry statement said.