India's Next Big Push in Oil and Gas Exploration

India is gearing up to offer previously classified 'no-go' zones for oil and gas exploration in its tenth bidding round in early 2025. Amendments to the Oilfields Act are expected to boost confidence among potential bidders. Currently, India imports over 85% of its crude oil needs.

India is making significant strides in its oil and gas sector with plans to offer previously restricted 'no-go' areas for exploration in its tenth round of bidding, set for early 2025, an official from the oil ministry revealed on Thursday.

The ninth round of the Open Acreage Licensing Policy (OALP) is currently underway, with bids closing on September 21. The upcoming OALP-X will proceed after legislative amendments to the Oilfields Act are approved in the winter session of Parliament. These changes aim to expand the definition of mineral oils and decriminalize specific offences, thereby encouraging potential bidders.

This strategic move is a part of India's ongoing efforts to boost domestic crude oil and natural gas production, reducing its heavy dependency on imports. The forthcoming OALP round is set to unlock significant new acreage, previously off-limits due to strategic concerns.

(With inputs from agencies.)