The petroleum minister said the recent spurt in discoveries of oil and natural gas has added 300 million tonne of oil plus oil equivalent gas reserves to the nations hydrocarbon reserves during the last 3 years.
So far, a total of nine discoveries spread over Krishna Godavari (K-G) basin and Gujarat onland with initial inplace reserve estimates of over 300 million tonne of oil and oil equivalent gas, have been made under Nelp in less than 3 years, the minister said at the promotional roadshow for Nelp-IV on Tuesday.
He said that recent huge discoveries had put to rest the feeling that India had a poor-to-moderate hydrocarbon prospectivity.
The discoveries have also demonstrated that hydrocarbons are initially found in the mind of geologists and what we need are every new ideas and concepts to locate the vast hidden treasure of black gold in our onland and offland basin, the minister said. The country needs bold players with new geological models and ideas to find these untapped oil and gas reserves, he added.
Mr Naik said that Nelp-IV offers 24 blocks 11 onland, 12 deepwater and one shallow water block. The 11 onland blocks are located in Assam (one), Bihar (one), Gujarat (three), Manipur (one), Nagaland (one), Rajasthan (one), Tamilnadu (two) and Tripura (one). Of the 12 deepwater blocks, eight are located on east coast and four on west coast. One shallow water block is located on the east coast.
Mr Naik said that sustained exploration efforts and increasing application of state of the art technology such as 3D seismic surveys at the exploration stage itself were improving the probability of strike success.
The minister said India offers one of the best fiscal and contractual terms to attract investors for exploration and production in the country.