Tripling oil exploration area on cards for boosting discoveries
NEW DELHI: The government plans to more than treble the area under exploration to 700,000 sq. km in five years from 200,000 sq. km currently to boost chances of oil and gas discoveries and lift India’s declining output.
Recent policy reforms and the emergence of new geological data from the National Seismic Programme should help attract big investments in the sector, oil ministry officials said.
Increased exploration, coupled with advanced technologiesNSE -0.95 %, can augment the prospects of hydrocarbon discovery, which can be exploited to increase local oil production.
