India may be inching closer to a game-changing offshore oil discovery in the Andaman Sea — one that could hold as much as 184,440 crore litres of crude oil and rival Guyana’s transformational find, Union Petroleum and Natural Gas Minister Hardeep Singh Puri hinted in an exclusive interview with The New Indian.“When I made this statement about the Krishna Godavari Basin… now we have found green shoots, oil, and several other places. And I think it’s only a matter of time before we find a big Guyana in the Andaman Sea,” Puri said, expressing strong optimism over India’s energy exploration prospects.
Guyana model a reference point
India’s strategy draws inspiration from the South American nation’s remarkable transformation after ExxonMobil, Hess Corporation and CNOOC struck a giant reserve of over 11.6 billion barrels off Guyana’s coast. That discovery vaulted the country into the world’s top 20 oil reserve holders, reshaping its economy.Puri believes India may be heading toward a similar breakthrough, particularly in the Andaman region, if current drilling efforts pay off.Also read: India’s trade deficit narrows to $21.88 bn in May as non-oil exports climb, FTAs gain ground”Apart from these little discoveries which are coming, which could turn out to be very big also, that we find Guyana — and then you will go from a $3.7 trillion economy to a $20 trillion economy straight away,” Puri said highlighting the transformative potential of such a discovery, The New Indian reported.
Exploration intensifies, ONGC drilling at 37-year highThe minister’s confidence is rooted in the Centre’s ongoing reforms in exploration policy, new regulatory clarity through legislation, and increasing investment in untapped sedimentary basins. India has ramped up exploratory drilling across multiple regions, especially those previously deemed inaccessible.State-run Oil and Natural Gas Corporation (ONGC) drilled 541 wells in FY24 — the highest in 37 years — including 103 exploratory and 438 development wells. The company also recorded its highest capital expenditure of ₹37,000 crore.Puri highlighted the financial and logistical commitment required in such efforts. “In Guyana, they dug 43 or 44 wells, each costing $100 million. It was on the 41st that they struck oil,” he said.Energy independence in focusWith over 85% of its crude oil needs met through imports, India is the world’s third-largest importer of crude — behind only the US and China. Domestic production is currently centred in Assam, Gujarat, Rajasthan, Mumbai High and the Krishna-Godavari Basin.Also read: Why S&P thinks the oil rally may not lastStrategic petroleum reserves are maintained in Visakhapatnam, Mangalore and Padur, with new sites planned in Odisha and Rajasthan.If successful, the Andaman exploration could help India reduce its reliance on imports and strengthen its energy security.
Source link
