India shifting to `open acreage licensing' of oil exploration blocks: Jitin Prasada

The government is moving gradually, but inexorably, towards the `open acreage licensing system (OALP)' from the current New Exploration Licensing Policy, minister of state for petroleum and natural gas Jitin Prasada has said.

Inaugurating the ninth `International Conference on National Data Repository' in New Delhi today, he said the OALP would enable bidders to bid for blocks on offer at any time of the year. He said the data of these exploration blocks, organised by the directorate of hydrocarbon (DGH), would be made available to the bidders through the NDR.

" We are endowed with about 138 billion barrels of oil and oil equivalent of gas, but these yet to be found resources are believed to be located in the frontier, logistically difficult and geologically complex areas and deep and ultra deep waters. So, in order to search and exploit these resources, the exploitation technologies also need to be innovative," he said.

"The E&P business is a highly technology driven one and needs huge investments and continuous knowledge upgradation," he said.

While the recent discoveries of oil and gas fields have been truly outstanding and reflect the relentless efforts put in by the government, the DGH and the E&P companies operating in India, the government is also seriously pursuing options such as coal bed methane, gas hydrates etc, the minister said.

The NDR is expected to play a much larger and significant role in the E&P scenario in the years to come, he said.

He expressed the hope that the conference will create opportunity for all E&P players, including oil companies, government officials and policy formulators, to get an insight into what is being done internationally in managing data, as a national treasure and inclusion of similar data of other mineral resources through the establishment of NDRs.

Participants from 27 countries are attending the conference and will be sharing their knowledge and expertise on this subject.