Panaji, NFAPost: Oil India Ltd (OIL) and its subsidiary Numaligarh Refinery Ltd showcased their strategic work and path breaking initiative to invest Rs 2500 crore for operations in the Andaman Islands, which are helping India secure its energy requirements.
Minister for Petroleum and Natural Gas and Housing & Urban Affairs Hardeep Singh Puri who visited Oil India’s sprawling pavilion lauded efforts put by the company in enhancing India’s energy independence.
“While Oil India has taken several laudable steps to enhance India’s hydrocarbon output, I want to specifically congratulate them for their Mission 4+ to enhance production and NRL’s path-breaking initiative of ethanol production from bamboo at its biorefinery in Assam,” said
The Maharatna PSU enterprise hosted an international conference titled ‘Energising the Future: CCUS Strategies’ on Carbon Capture, Utilisation, and Storage (CCUS).
Speaking at the opening part of the session, MoP&NG Secretary Pankaj Jain said carbon capture and storage is indeed important for the oil & gas industry, especially as the world transitions towards a low carbon future.
“In de-carbonisation, the oil and gas companies have to make investments and play crucial role in the broader efforts to combat climate change and achieve global emissions reduction targets,” said MoP&NG Secretary Pankaj Jain.
OIL Chairman and Managing Director Rath as part of his welcome address reiterated how energy transition is inevitable and CCUS can stabilise energy supply by reducing emissions and assist in achieving the net zero targets.
“This conference shall be an enabler to discuss technology innovation and formulate regulatory framework for a sustainable energy solution,” said OIL Chairman and Managing Director Rath.
He said the company plans offshore drilling in the Andaman Islands to commence by September 2024, signaling a strategic move towards exploration in this region drawing parallels with successful ventures in neighboring Myanmar and Malaysia.
Preparations are underway, with contracts for three rigs already secured. Pending smooth progress, the first exploration phase is scheduled to commence in September 2024. Oil India Limited holds two shallow-water blocks in the Andaman region, acquired through the third open acreage licensing policy (OALP) round.
OIL Chairman and Managing Director Rath said the Andaman basin as a ‘Category II’ basin and there is potential existing sub-commercial discoveries which can be converted into recoverable reserves.
“As Oil India Limited forays into Andaman’s offshore exploration, it stands poised to contribute substantially to India’s energy landscape. It is part of the government’s strategic decision to open previously restricted areas for exploration and thus further bolster domestic crude oil and natural gas production,” said OIL Chairman and Managing Director Rath.
The Andaman basin, spanning approximately 225,918 square kilometers, presents significant hydrocarbon reserves, particularly in its shallow-water and deepwater areas. Collaborating with the Directorate General of Hydrocarbons (DGH), Oil and Natural Gas Corporation (ONGC), and other stakeholders, extensive surveys covering over 22,000 line kilometers of two-dimensional (2D) data have been conducted in the region.
According to Arvian Research, Oil India Limited decision to foray into Andaman’s offshore exploration is expected to contribute substantially to India’s energy landscape while navigating the challenges inherent in such endeavors.
Other esteemed dignitaries present during the session were Ms Vartika Shukla, CMD, Engineers India Limited, Dr Prasanna V. Joshi, Vice President (Technology), ExxonMobil and Mohit Bhargava, CEO, NTPCREL and senior dignitaries from the oil and gas sector.
