Energy Giants ONGC and OIL Engage in Discussions with BAPCO, JAPEX, and Mitsui to Enhance Oil and Gas Output

Indian State-owned oil companies, ONGC and Oil India (OIL), are currently engaged in discussions with international partners including Japan Petroleum Exploration (JAPEX), Mitsui, and Bahrain Petroleum Company (BAPCO) to collaborate on boosting domestic exploration and production (E&P) activities. This was revealed by Oil Minister H S Puri in response to a starred question in the Rajya Sabha on Monday.

The minister highlighted that Indian National Oil Companies (NOCs), namely ONGC and OIL, have already executed several agreements with International Oil Companies (IOCs) such as ExxonMobil, Chevron, and TotalEnergies, demonstrating a commitment to collaboration in E&P activities. The ongoing discussions with BAPCO, JAPEX, and Mitsui underscore the country's efforts to strengthen partnerships in the oil and gas sector.

Puri also provided insights into the government's initiatives to enhance India's crude oil and natural gas production. The net geographical area under exploration has been doubled, increasing from 2.5 lakh square kilometers to 5 lakh square kilometers. Furthermore, significant progress has been made in opening up exclusive economic zones (EEZ) for E&P activities, with a nearly 99 percent reduction in "No Go" areas. As a result, 10 lakh square kilometers in EEZ are now accessible for exploration and production.

The minister emphasized that the total operational area under various licensing regimes is 3,27,456 square kilometers, encompassing the exploration and exploitation of unconventional hydrocarbons such as Coal Bed Methane (CBM). These developments align with the government's strategic goals to bolster India's energy security and self-sufficiency in the oil and gas sector.

HBL