My speech at the OALP IX & Special DSF Signing Ceremony!
Apr 16,2025
Delighted to interact with captains and professionals of the energy sector at the Contract Signing Ceremony for OALP Bid Round IX and Special DSF Bid Round 2024 & Launch of Discovered Small Fields Bid Round IV on the day the historic Oilfields (Regulation and Development) Amendment Act, 2025 (6 of 2025) passed recently by Indian parliament comes into force.
The signing ceremony for the E&P bid rounds is a powerful statement of intent in India’s journey towards energy self-sufficiency under the leadership of PM Sh Narendra Modi Ji. It reflects how India is now determined to unlock the untapped energy potential of approx 42 billion tonnes of oil and oil equivalent of gas.
After what is best described as a dull decade, India has implemented several landmark reforms and policies in the last decade which have resulted in an increase in the explored area of the Indian sedimentary basin from 6% to 10% which would soon reach 15% as we intend to increase India's exploration acreage to 1 million sqkm by 2030, reducing the “No-Go” areas in India’s EEZ by almost 99%.
Through pro-investor policies, fast-tracked clearances, a robust innovation ecosystem, and a relentless push for sustainability, we are building a dynamic, growth-oriented hydrocarbon sector that will power the vision of Viksit Bharat by harnessing the USD 100 billion investment potential that India’s E&P sector holds by 2030.
During today’s event we took a positive step ahead towards transparent and inclusive governance by launching the draft PNG Rules Public Consultation Portal on which we will invite input from industry, stakeholders, and the public, to ensure a set of rules which reflect diverse perspectives. These rules will guide Model Revenue Sharing Contracts and other key frameworks, promoting legal clarity and reducing future disputes in addition to encouraging framing of policies through collective insight.
