31

Mar

Will New Oil Finds Be A Game Changer in Our  Energy Scenario ?

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A person wearing glasses and a suit AI-generated content may be incorrect. India, heavily reliant on imports for 87 percent of its oil needs, is now eyeing a potential energy revolution in its underexplored eastern basins. South Bengal, Bihar, and Eastern Uttar Pradesh are emerging as key oil hotspots with untapped reserves that could reshape the region’s economy. ONGC’s exploration in Ballia and Samastipur spans 308.32 sq. km, promising to transform some of India's most impoverished areas.

The discovery at Ashoknagar, producing high-quality crude surpassing Bombay High, marks the Bengal Basin as India’s eighth commercially producing hydrocarbon zone. Meanwhile, the Andaman and Nicobar Islands sit atop vast unexplored gas reserves estimated at 610 million tons. With only 10 percent of India’s sedimentary basins under exploration, the country aims to boost this to 16 percent within a year—potentially unlocking a new era of domestic oil and gas production.

With the monetization of Asokenagar-1 discovery, the Bengal basin became the eighth basin of India from which hydrocarbon is being  commercially produced. This has resulted in the upgradation of the Bengal Basin to Category-I.

 

Column at a Glance
India, which relies on imports for 87% of its oil needs, is poised for an energy revolution in its underexplored eastern basins, particularly in South Bengal, Bihar, and Eastern Uttar Pradesh. These regions are emerging as significant oil hotspots, with ONGC's exploration efforts in Ballia and Samastipur covering 308.32 sq. km and promising economic transformation for impoverished areas. The recent discovery at Ashoknagar, yielding high-quality crude oil, has established the Bengal Basin as India's eighth commercially producing hydrocarbon zone. Additionally, the Andaman and Nicobar Islands are believed to hold vast unexplored gas reserves. With only 10% of India's sedimentary basins currently explored, the government aims to increase this to 16% within a year. Recent regulatory changes, including the Oilfields (Regulation and Development) Amendment Bill, streamline the approval process and encourage private sector participation, paving the way for increased domestic oil and gas production.

 

With this, ONGC has discovered seven out of eight producing basins of the country. The seven basins discovered and put into production by ONGC are: Krishna-Godavari, Mumbai Offshore, Assam Shelf, Rajasthan, Cauvery, Assam-Arakan Fold Belt, and Cambay.

India is on track to increase its exploration acreage to 1million square km by 2030, oil and gas yields are expected to increase significantly.

Single Licence

The approval process for exploration and production activities in the petroleum industry has now been simplified, reducing 37 approval processes to just 18, of which nine are now available for self-certification.

The new Oilfields (Regulation and Development) Amendment Bill in 2024, passed  by the Rajya Sabha in December, 2024, ensures policy stability for oil and gas producers, and enables single licence for all hydrocarbons. This opens up entry of private companies.

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