A JCB machine loads coal onto a dumper at the Deendayal Port in Kandla, in the western state of Gujarat, India, September 25, 2024.
India relies on imports for over 80% of its oil demand, which exceeds 5 million barrels per day. To address this, the country is promoting local exploration. Oil and Natural Gas Corp (ONGC), India’s leading explorer, signed contracts for 11 blocks. Oil India secured agreements for six blocks. ONGC also partnered with BP for one block, while Reliance Industries collaborated with Oil India for three blocks. Vedanta signed contracts for seven blocks, and Hindustan Oil Exploration Company secured one block.
Pallavi Jain Govil stated: “The auction of coal bed methane blocks and small fields is a step toward enhancing India’s energy security.” These efforts reflect India’s commitment to expanding its hydrocarbon resources to meet growing energy needs.
The initiative supports India’s goal of reducing reliance on imported oil by boosting domestic output. The auctioned blocks and signed contracts are expected to encourage investment in exploration and production, leveraging both local and international expertise. By diversifying its energy portfolio, India aims to strengthen its energy infrastructure and ensure a stable supply for its economy.
This development highlights India’s proactive approach to harnessing its natural resources. The participation of major companies like ONGC, Oil India, Reliance Industries, Vedanta, and international partners like BP underscores the significance of these projects. The exploration of coal bed methane and small fields, alongside oil and gas blocks, positions India to enhance its energy independence while addressing the demands of its growing population and industrial base.
