In one of the key policy interventions at Urja Varta 2025, conducted on July 17, at Bharat Mandapam, New Delhi, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri revealed India’s strategic roadmap for revolutionizing its upstream oil and natural gas industry. The event highlighted India’s dedication to energy security, policy reform, technological innovation, and international partnerships that will make India a force to be reckoned with in the global energy arena.
The conclave was convened at a period when India’s energy requirements are growing fast due to economic growth, industrialization, and population growth. Ensuring national energy security is now a national priority, and the exploration and production (E&P) segment has a pivotal role in lowering import dependence and driving development. Though there is considerable resource potential, most of India’s hydrocarbon reserves remain to be explored and exploited and need huge investment and sophisticated technology to mobilize.
Strategic Vision Amidst Global Uncertainty
Minister Puri, at a fireside chat event, discussed challenges from geopolitical shocks like the Russia-Ukraine situation and tensions in the Middle East. He noted that India had acted proactively by broadening the source countries of crude imports from 27 to 40 nations, protecting it from global volatility.
Talking about Russian oil, Puri explained that India never bought sanctioned cargo and pointed out that the oil was only under a price cap. He cautioned that a sudden halt in Russia’s over 9 million barrels per day production would have destabilized the world market, driving the prices to $130 to $200 per barrel. He attributed Prime Minister Narendra Modi’s visionary thinking to India’s balanced, moral, and pragmatic energy diplomacy, making India a balancer in international oil markets.
Regulatory Reforms Unleashing Investment and Potential
Puri described a set of path-breaking reforms introduced in the past decade to make the upstream regime competitive. Central among these were the revamped Oilfields Regulation and Development Act (ORDA), the new Petroleum and Natural Gas Rules (PNG Rules 2025), and the establishment of Model Revenue Sharing Contracts (MRSC). These measures have made processes more efficient by facilitating a co-designed structure, a unified lease and approval regime, open operational rules, and a “no-sit” clause to make exploration active and timely.
Under the Hydrocarbon Exploration and Licensing Policy (HELP) and the amendments to the ORDA, nearly 1 million square kilometers of previously restricted “No-Go” areas have been opened for exploration, significantly expanding India’s E&P footprint.
Urja Varta: A Growing Platform for Industry Dialogue
Conceived by the Directorate General of Hydrocarbons (DGH) of the Ministry of Petroleum and Natural Gas, Urja Varta 2025 is the second edition of a strategic forum that converges industry operators, policymakers, service providers, and energy professionals. Spanning two days, the conclave takes off from the success of its first edition with sessions and workshops centered around the theme “Collaborate, Innovate, Synergize.”
The conference has turned into a vibrant platform for solving sector issues and fostering collaboration, offering space for discussion in how to increase domestic exploration, maximize production, and implement cutting-edge industry techniques.
Urja Varta 2025 is centered on four theme areas:
- Strategic Energy Resilience
- Collaborations for a Better Tomorrow
- Digital and AI in E&P
- Pivoting Towards New Energy
These issues steer debates towards leveraging India’s hydrocarbon potential to the fullest and creating a roadmap toward a more independent and sustainable energy system.
The Promise of Offshore Exploration
Expressing optimism about India’s offshore prospects, Minister Puri described the Andaman Basin as the next big opportunity, drawing parallels with the highly successful Guyana Basin. He stated, “I am positive we will find several fields of the size of Guyana, particularly in the Andaman Sea.”
This optimism has its base in the availability of good-quality geoscientific data, policy inducement to de-risk investment, and regulatory encouragement for private entry into deepwater exploration. India’s aspiration is to become a frontline hub of deepwater exploration through its scale, growing demand, and global partnership.
Improving Technology and Data-Driven Exploration
Minister Puri underscored the need for advanced subsurface intelligence to drive better exploration results. He announced large-scale initiatives in seismic data modernization, carrying out large-scale seismic surveys, and democratization of access to data by a cloud-based National Data Repository, inaugurated jointly by DGH and the National Informatics Centre (NIC).
The government also began Hydrocarbon Resource Assessment Studies based on global best practices to give a better estimate of India’s resource base. These are intended to enhance investor confidence, enable transparent decision-making, and diminish risks for explorers.
Changing Global Market and India’s Readiness
On the topic of long-term supply security in the face of sanctions on nations like Iran and Venezuela, Puri argued that such sanctions can’t be permanent. Rather, he referred to proposals like Brazil, Guyana, and Canada, who are diversifying world supply chains.
“Resilience in oil markets will be constructed not on exclusion but on inclusion, diversity of supply, and intelligent policy,” he added, noting that India is uniquely placed to manage future disruption.
States as Stakeholders in Energy Infrastructure
The event also had an Inter-Ministerial Round Table where 22 states and Union Territories participated. Puri reiterated the pivotal role of state governments in facilitating infrastructure, granting clearances, and joining hands for investments. “Our states are the center of India’s energy transition and transformation,” he stated.
India has invested over Rs.4 lakh crore in energy infrastructure over the past decade. Looking ahead, Puri projected investments worth Rs.30 to Rs.35 lakh crore by 2035 across the hydrocarbons value chain. “This upcoming decade is pivotal. It will demand strong leadership and cooperation from both the Centre and States,” he asserted.
Key Announcements and Industry Engagement
The Minister unveiled several landmark initiatives during Urja Varta 2025:
- Launch of Updated PNG Rules and MRSC to enhance ease of doing business
- Release of India Hydrocarbon Outlook 2024–25, providing insights to inform future E&P strategies
Execution of strategic MoUs, such as between bp and ONGC for stratigraphic well studies and between DGH and NIC to operationalize the cloud-based NDR.
In addition, there was an Innovation Showcase and Exhibition Gallery that hosted over 50 technical posters and over 15 new technologies showcased by E&P companies, start-ups, and academic institutions. Minister Puri met with innovators and reinforced the role of technological innovation in India’s energy future.
A New Era for India’s Energy Future
With strategic vision, institutional transformation, international outreach, and national consensus, Urja Varta 2025 re-emphasized India’s commitment to becoming an energy-secure, resilient, and investor-friendly country.
“We are not only a part of the world energy system. We are transforming it,” Minister Puri concluded in his valedictory speech, encapsulating India’s vision to transform its energy scenario and move aggressively toward higher self-reliance and sustainability.
As India keeps advancing with confidence, Urja Varta 2025 remains both a symbol and a strategy for India’s future in energy exploration and development.
Comments