India opens doors to international technical cooperation, oil and gas will be discovered in the marine area

India has taken a big step towards energy self-sufficiency and has started a campaign to explore and produce oil and gas in an area of ​​​​2.5 lakh square kilometers within the sea. For this strategic project, the government has opened the doors to international technical cooperation, and talks are underway with many countries regarding partnership.

The Ministry of Petroleum and Natural Gas has confirmed that this project is being started as a deepwater hydrocarbon exploration in the eastern and western offshore areas of the Indian maritime border. This area extends to the Arabian Sea and the Bay of Bengal and scientific surveys have revealed the possibilities of oil and natural gas here. Deepwater means the depth of the sea where oil and gas are discovered beyond the traditional shallow areas. This work is done in areas more than 500 meters deep.

Government companies like Oil and Natural Gas Corporation (ONGC) and Oil India are playing a key role under the project. The government has also invited foreign oil companies and technical expert institutions to participate in this campaign. Memorandum of Understanding (MoU) is under consideration for cooperation with technologically advanced countries like Norway, Russia and America. The government has issued global tenders for multi-client seismic data acquisition, 3D sub-surface mapping and state-of-the-art deepwater drilling techniques. Through these techniques, reserves will be tested by digging up to 3,000 meters in the depth of the sea. The Open Acreage Licensing Policy is such a policy under which companies can select preferred areas for exploration of hydrocarbons like oil and gas without waiting for the formal auction of the government.

India spends more than Rs 13 lakh crore on crude oil imports in the year 2023-24. This huge import bill also puts pressure on India's current account deficit and foreign exchange reserves.