Union Minister Hardeep Singh Puri on Monday launched the offering of offshore bid rounds and assured investors of transparency, efficiency and ease of doing business.
In a keynote address to industry leaders in Houston, the Union Minister of Petroleum and Natural Gas described the initiatives taken by his ministry to accelerate exploration and production activities in India.
Shri Puri also spoke on the importance of coal bed methane in increasing India’s domestic production and reducing the country’s import burden.
He launched the Special CBM (popularly known as Coal Seam Gas) Bidding Round – 2022 for International Competitive Bidding in Houston on Monday.
Simultaneously, Mr. Puri initiated an offshore bid round offering 26 blocks covering an area of approximately 2.3 lakh square kilometers (sq. km) – 18 prepared by DGH and eight expressions of interest from potential investors ( as a result of EOI).
A media release said that out of 26 blocks, three blocks based on EOI are onshore covering an area of only 3,666 sq km.
India, which is the world’s third largest energy consumer, is likely to be one of the fastest growing energy demands in the coming years.
The Narendra Modi government has set a vision to make India a gas-based economy by increasing the share of gas in the energy mix. The Minister said that the importance of domestic gas in the energy basket is of utmost importance in view of the increase in demand, price and rising import bills for gas.
A step towards meeting this demand growth and reducing hydrocarbon import dependence, India has undertaken “transformative reforms” during the recent years since the formulation of the policy of CBM.
These investor-friendly policy reforms have made the CBM sector an attractive investment opportunity, the official release said.