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Oil minister Dharmendra Pradhan has challenged the oil and gas industry to find a “super basin” in North-East India. Research firm IHS Markit has coined the term “Super Basins” for 25 hydrocarbon basins around the world with at least 5 billion barrels of oil equivalent of recoverable resources remaining to be tapped.
“I challenge the industry today to put one of our basins in the North-East on that Super Basin list; Cambay, perhaps, or the KG Basin,” Pradhan said at an industry event here. The minister added that if Permian Basin --which was considered to be too mature for new oil in 2000 -- could have a “spectacular resurgence” by 2010, a similar development can happen in India, too, on the back on new technology.
Permian basin located around the Mexico-Texas border is one of the most prolific basins in the United States. While the field has been producing crude over a decade shale revolution made possible by hydraulic fracturing has led to the basin accounting for a quarter of US’s crude production.
“What can this industry do to create the Indian Permian, the Indian Super Basin? If the US can become an oil exporter again on the back of the shale revolution, what is stopping the Indian industry doing the same? This is my challenge to you as an industry!,” Pradhan said.
He emphasised on the importance of CERAWEEK being held outside of Houston for the first time and added that in the decade ahead CERAWEEK will have two centres of gravity; a western one in Houston and an Eastern one in India.
CERAWEEK by IHS market is an annual international gathering at Houstan of energy industry leaders, experts, government officials and policy makers. This would be the first time in 36 years that CERAWEEK has been held out of US.
Pradhan also highlighted the difference in energy infrastructure existing in the eastern and western part of the country and added that the government is focussing on bridging the disparity. “Our energy revolution is also a geographic revolution. When I look at the NASA night map of India, I see an India that needs more light in the East. Development and energy have reached the West of our country more quickly and effectively than the East. Our government and my Ministry are changing this situation by focusing on the growth of energy infrastructure, through new pipelines, new LNG terminals, and new offshore gas development projects. By doing so, we are working to improve the lives and prospects of people across the length and breadth of India,” he said.
Speaking to media persons at the same event, the oil minister said the government will offer investment opportunity for projects worth $300 billion in the hydrocarbon sector over the next decade.
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