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Private players win big in new E&P round
For both public and private players in the oil and gas exploration and production (E&P) business, April 15, 2024, could well go down as a new dawn for the sector. As Hardeep Singh Puri, Minister of Petroleum and Natural Gas, argued: “The Indian hydrocarbon sector is entering a new era of accelerated exploration and development through investor-friendly reforms, swift approvals, scientific exploration, and a strong emphasis on sustainability.”
The minister was addressing the Open Acreage Licensing Policy(OALP) Round-IX and Special Discovered Small Field (DSF) Signing Ceremony on Tuesday.
The fact that seven out of a total of 28 blocks were won by Cairn Oil and Gas and one by BP-Reliance in partnership with Oil and Natural Gas Corporation (ONGC) has not only given credence to the increasing importance of the private sector in the upstream sector but also the government’s unwavering commitment to reducing its import dependence and securing its energy future.
Says Krishan G Insan, an Energy Expert, a Fellow of European University Institute, Italy and Global Co-Chair of Sustainability Network of Chevening Alumnus: “The success story of the private players– both domestic and foreign majors—in the Indian oil and gas exploration and production (E&P) sector has already been well established under the NELP regime.”
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