Four largely unexplored sedimentary basins in Indiacould holdup to 22 billion barrels of oil, S&P Global Commodity Insights has reported
Four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil, S&P Global Commodity Insights has reported. In effect, lesser-known Category II and III basins, namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan contain more oil than the Permian Basin, which has already produced 14 billion barrels of its 34 billion recoverable oil reserves.
and Oil India hold acreages in the Andaman waters under the Open Acreage Licensing Program OALP and have planned a few significant projects. However, India still awaits the entry of an international oil company with deepwater and ultra-deepwater exploration expertise to participate in current and upcoming OALP bidding rounds and explore these frontier regions,' he has declared. Currently, only 10% of India's 3.36 million sq km wide sedimentary basin is under exploration.
. said it was planning to spend over $10 billion developing multiple deepwater projects in its KG-DWN-98/2 block in that basin. Petroleum Minister Hardeep Singh Puri says that this 10% figure will jump to 16% in 2024 following the award of blocks under the Open Acreage Licensing Policy OALP rounds. So far, OALP has resulted in the award of 144 blocks covering about 244,007 sq km.
Oil Oil Exploration Offshore Oil Production Permian
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