Urja Varta Conclave 2024 inaugurated in New Delhi

Shri Hardeep Singh Puri, Minister of Petroleum and Natural Gas inaugurated the first edition of UrjaVarta 2024 at Bharat Mandapam on 11th July 2024.

The Exploration and Production (E&P) sector offers investment opportunities worth 100 billion USD by 2030, said Shri Hardeep Singh Puri, Minister of Petroleum & Natural Gas.

This two-day conclave, being held on the 11th and 12th of July and organized by the Directorate General of Hydrocarbons (DGH), aims to unlock India’s untapped upstream hydrocarbon resources sustainably. It serves as a vital platform for dialogues and deliberations on the future of India’s hydrocarbon sector, fostering investment, innovation, partnerships, and sustainable growth.

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 The Minister was speaking at the inaugural session of the first edition of Urja Varta. Addressing the distinguished gathering, he underscored the importance of the exploration and production (E&P) sector in achieving energy self-sufficiency and sustaining economic growth. He highlighted the vast potential of India’s 26 sedimentary basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped.

The minister talked about the accelerated pace of exploration activities through initiatives like the OALP and the Discovered Small Field (DSF) Policy. “Through the first 8 OALP bid rounds, a total of 144 blocks covering approximately 244,007 sq. km. have been awarded and recently announced OALP IX round offers an area of approximately 136,596 sq. km. spread over 8 sedimentary basins, with the vision of expanding nation's footprint in offshore exploration”, he noted.

He said, the Discovered Small Field (DSF) Policy, since its inception in 2015, has garnered investments of approximately 2 billion USD and brought in 29 new players in the field.

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