A roadmap for the exploration and production sector with the Ministry of Petroleum and Natural Gas has been presented by the Confederation of Indian Industry’s National Committee on Hydrocarbons. A big share of the investments will go into existing deepwater fields, while other areas such as newly discovered fields and unconventional hydrocarbons will also get their share of investments.
According to CII’s estimates, there is potential to tap 10-15 trillion cubic feet of gas domestically. Such production figures will help substitute imports worth millions. As the policy environment has improved, it is expected the investment process will restart over the next 18-24 months. Amongst the several issues that CII discussed with ministry officials over the last year was how to work better with the existing production sharing contracts.