India to double down on oil, gas exploration

According to the Ministry of Petroleum and Natural Gas, India will more than double the area under exploration and production of oil and gas to 0.5 million square km by 2025 and 1 million square km by 2030. The growth in domestic production will help reduce imports and meet the increasing crude demand. An increase in the domestic acreage will be accomplished by auctioning more acreage under the open acreage licensing policy (OALP). For instance, in the past five years, seven rounds of auction of acreage under the new OALP have doubled the area under exploration for oil and gas to 0.2 million square km.

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