Conference on Oil and Gas opportunities in North Eastern Area held today

Ministry of Petroleum & Gas.

Conference on Oil and Gas opportunities in North Eastern Region held today

Shri Hardeep Singh Puri says that Oil and Gas Projects worth Rs 1 lakh Crore Rs are approved for North Eastern Area and are expected to be finished by 2025

Union Minister calls upon the investors to actively take part in the opportunities in Oil and Gas sector

Published On:.
24 SEP 2021 4: 42 PM by PIB Guwahati.

Ministry of Petroleum and Natural Gas, Government of India today arranged an event in Guwahati to display Upstream Oil & Gas opportunities in North East Region (NER).

Speaking on the occasion, Shri Puri said that NER, with its plentiful natural resources, abundant cultural heritage and huge opportunities for development is main to our country’s advancement agenda. The North-Eastern States of India are viewed to be highly prospective based upon offered geo-scientific details and thus adequate chances for possible oil and gas discovers through accelerated expedition exists in the region.

Shri Puri stated that the NER is of strategic importance for India. In line with its intent of quickly transforming the area, the Federal government of India has carried out lots of crucial efforts to enhance Facilities and pace economic development. He mentioned about following crucial Oil and Gas initiatives in the NER:

  1. Oil and Gas Jobs worth Rs 1 lakh Crore are approved and are expected to be finished by 2025 [Major Projects: Upstream (27,000 Crore), NRL (30,000 Crore), IGGL (10,000 Crore), CGD & Others (33,000 Crore)]
  2. Special Bidding Round under OALP for NER with acreages being carved out by Federal government and provided with Additional Incentives for attracting Investments
  3. Doubling the expedition acreage in NER from existing 30,000 Sq. Kms of area already granted under OALP over last 3 years in NER)
  4. Plans to Double the Oil and Gas production from present 9 MMTOE to 18 MMTOE by 2025
  5. Plans to set up a devoted service provider center in NER to support the requirement of Oil and Gas Market in cooperation with State Governments
  6. Execution of North East Gas Grid (NEGG) to provide access of gas to end-user in north-eastern area
  7. 6 Geographical Area (GAs) comprising of 18 Districts in the State of Assam and Tripura are on offer under the 11 th Round of CGD Bid Round for establishing the City Gas Distribution (CGD) network.

Shri Puri revealed that Digboi refinery in Assam will be broadened. He also ensured that the problem of blending ethanol with fuel at the refinery level will also be checked out.

Shri Puri said that the outlook of E&P service in North East Region is undoubtedly promising. There is a huge hydrocarbon prospective waiting to be tapped; of the approximated 7600 MMTOE in the North-East, only 2000 MMTOE has actually been discovered so far. With concerted efforts by market and federal governments, oil production is anticipated to increase by 67%from 4.11 MMT in 2020-21 to 6.85 MMT in next 4 years. Gas production is forecasted to more than double from 5.05 BCM in 2020-21 to 10.87 BCM in next 4 years.

Hiring the investors to actively participate in upcoming rounds and enter into the nationwide E&P business which is set to collect momentum in the days ahead, Union Minister said that much impetus has actually been given to NER in recent past, which will function as catalyst for the envisaged future development in the region.

Shri Puri valued the launch of the portal by Federal government of Assam today for facilitation of statutory clearances and approvals for E&P operators and hoped that other State Federal governments will also launch similar initiatives. In this context, he announced that there will be regular meeting through VC with NE states to figure out the concerns.

He stated that the contribution of Assam in the Oil and Gas sector is widely known and he desires the expedition activities to increase quick.

Shri Rameswar Teli stated that India is going to end up being a top energy customer in the coming times. For guaranteeing the energy security it is essential that Oil and Gas sector should develop fast and import dependence should boil down. He said that NER has big capacity and the exact same must be checked out in active involvement with the State Federal governments.

The objective of the conference was to highlight the portfolio of high-volume Oil and Gas properties of Indian Sedimentary basins, and to promote the Bidding Rounds of Hydrocarbon Expedition and Licensing policy and Discovered Small Field Policy The occasion saw passionate participation from Central and State Federal government, leaders of National oil companies, private E&P business, Company and Academic Institutions.

Theme of event was lined up to Hydrocarbon Vision 2030 for north-east India, which is a paradigm shift in production and usage of hydrocarbons to catalyze development in the North East region and to enhancing requirement of living for individuals, producing opportunities for the youth and creating a sustainable energy secure future.

This was among greatest E&P sector occasion of recent time in the area which was extensively prepared with a detailed set of discussions and panel discussions touching a range of subjects referring to E&P sector.

E&P chances showcased at the event:

  1. OALP Bid Round VI-21 Blocks on deal throughout 11 sedimentary basins covering ~35,346 Sq.

YB

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