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India to start fresh assessment of hydrocarbon resources

5th February 2014

By: Ajoy K Das

Creamer Media Correspondent

  

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KOLKATA (miningweekly.com) - India’s Petroleum and Natural Gas Ministry will establish a panel of experts to conduct a fresh assessment of the country’s oil and gas reserves, which were last estimated almost two decades ago.

According to a statement issued by the Ministry, “with the increase in exploration and the quantum jump in availability of geoscientific data generated under the government’s New Exploration Policy, there is a need to revisit the hydrocarbon assessment of India”.

The last assessment completed nearly 20 years ago covered 21 sedimentary basins and the estimation was far lower than the 206-billion barrels of oil and gas equivalent estimated by the International Energy Agency and announced last year, the Ministry said.

The new assessment exercise would cover the previous 21 sedimentary basins based on new data available, and 11 new basins for which no resource estimation was available would be added, the Ministry said.

The expert panel had been directed to prepare basin-wise reports that would cover an area of about 3.13-million square kilometers.

The panel would comprise chiefs of exploration and production majors like ONGC Limited and Oil India Limited, along with representations from the Directorate General of Hydrocarbons and experts from the Ministry, while data compilation and analysis would be done at ONGC’s institute for petroleum exploration located in the northern Indian province of Uttarakhand.

Edited by Creamer Media Reporter

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