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On the 17th of February PM Narendra Modi Lauds Efforts To Make India Self-Reliant In The Energy Sector.
India has been pushing hard to boost its domestic oil and gas production and reduce its dependence on imports. This effort has been led by the government’s Open Acreage Licensing Policy (OALP), which has been designed to attract investment in exploration and production activities.
One company that has been at the forefront of this drive towards energy self-sufficiency is Oil India Limited (OIL). Recently, the company spudded the first exploratory well, Puri-1, in the Mahanadi Onshore Basin in Odisha under the OALP regime. This marks a significant new dawn in India’s efforts towards oil exploration and achieving energy independence.
The Mahanadi Onshore Basin is considered to be highly prospective for oil and gas exploration. The basin covers an area of approximately 42,000 square kilometers and is located on the east coast of India. It has already produced significant amounts of oil and gas in the past, and there is tremendous potential for further discoveries.
The spudding of the Puri-1 well is a major milestone for OIL, and it comes after several years of planning and preparation. The well has been drilled to a depth of approximately 3,500 meters, and it is expected to yield important data about the geology and hydrocarbon potential of the area.
The success of the Puri-1 well could have far-reaching implications for India’s energy security. The country is currently heavily dependent on imports to meet its growing energy needs, and this has had a significant impact on the economy. By increasing domestic production, India can reduce its dependence on imports and strengthen its energy security.
The OALP regime has been a key driver of India’s efforts toward energy self-sufficiency. Under this policy, companies are given the freedom to choose the blocks they wish to explore, and they are also allowed to determine the exploration work program and budget. This has attracted significant interest from both domestic and international companies and has led to a surge in exploration activity across the country.
The spudding of the Puri-1 well in the Mahanadi Onshore Basin is a commendable achievement for India’s oil exploration efforts. It marks a new dawn in the country’s journey towards energy self-sufficiency and has the potential to boost domestic production and reduce the country’s dependence on imports. The OALP regime has been instrumental in driving this growth, and it is expected to continue to attract investment in the years to come.
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