India latest news today breaks a major news story in the country's energy sector, with the government taking a giant leap towards energy security by auctioning 28 new oil and gas exploration blocks under the 9th round of the Open Acreage Licensing Policy (OALP-9). State-owned Oil and Natural Gas Corporation (ONGC) was the biggest winner, securing 15 blocks either singly or jointly.
In its effort to lower import reliance, India has raised exploration of sedimentary basins from 6% to 10% in the last 10 years. The government wants to achieve 15% basin coverage in the next few years, boosting domestic production of oil and gas.
India Latest News Today: OALP-9 and DSF Contracts Signed
On Tuesday, the Ministry of Petroleum and Natural Gas (MoPNG) signed contracts for the recently awarded 28 blocks under OALP-9. Two blocks also were given in a special Discovered Small Field (DSF) auction. In the future, OALP-X will seek bids for 25 additional blocks in 13 sedimentary basins, covering the greatest-ever acreage of 1.92 lakh sq. km, over half of which are in previously closed "No-Go" areas.
In another India latest news today, the government put out DSF Round-IV, containing 55 discoveries in nine contract areas, totaling an estimated 258.59 million metric tonnes of oil equivalent (MMTOE) of reserves.
ONGC, RIL, bp, and Cairn Top Contenders
Continuing with India latest news today, ONGC and its partners were amongst the biggest winners. ONGC alone bagged 11 blocks, while a consortium that has ONGC (40%), Reliance Industries (30%), and bp (30%) as its partners won the GS-OSHP-2022/2 block in the Saurashtra Basin.
Vedanta Group-owned private sector player Cairn Oil & Gas received seven blocks—four onshore and three shallow water—located in Cambay, Saurashtra, and Mumbai basins. Cairn currently has 69 blocks across 73,000 sq. km of Indian terrain.
Scientific Approach Driving India's Energy Transformation
As per India latest news today, Union Minister Hardeep Singh Puri said that 76% of the total exploration area in the nation has become active since 2014. OALP-9 alone offered 28 blocks in eight sedimentary basins, covering 1.36 lakh sq. km, with 38% in erstwhile "No-Go" areas.
The minister highlighted India's long-term vision to raise exploration acreage to 1 million sq. km by 2030. The significant milestone of a 99% reduction in exploration restrictions within the Exclusive Economic Zone (EEZ) has already been achieved.
India's new exploration policy entails an ₹7,500 crore investment in the acquisition of new seismic data, aerial surveys in remote areas, and drilling stratigraphic wells. The National Data Repository has also been converted into a cloud-based platform, offering faster and more transparent access to geological and production data.
India Latest News Today: Coal Bed Methane and Policy Reform Focus
India news today latest also contains developments about the country's Coal Bed Methane (CBM) resource worth 2,600 BCM. The current count of production active 15 CBM blocks has five, which already entered production. A Special CBM 2025 Round to bid three new blocks—two of them in West Bengal and one in Gujarat is to be floated by the government.
In a landmark regulatory move, the new Oilfields (Regulation and Development) Act, 1948 (ORDA)—simplifying India's upstream regime and aligning it with global best practices—shall come into effect from April 15, 2025.
#IndiaLatestNewsToday #ONGC #OALP9 #OilAndGasExploration #PetroleumMinistry #CairnOilGas #IndiaEnergy #CBM #DSFRoundIV