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India's oil ministry to re-evaluate sedimentary basins

20th January 2014

Indian oil minister, M Veerappa Moily, has developed a multi-organisational team to re-examine the suitability of the country's hydrocarbon reserves

Oil and Natural Gas Corporation (ONGC) oil platform

India’s oil minister, M Veerappa Moily, has created a multi-organisational team (MOT) to reassess the country's hydrocarbon resources.

The purpose of the MOT is to tackle the country’s two-decade old oil and gas reserves, which are becoming outdated. They will re-evaluate the potential of all 26 sedimentary basins in the country due to their oil and gas discoveries in 2001. 

This particular exercise took place twenty years ago, when 15 sedimentary basins were examined. The valuation put India's oil and gas resource potential at just a fraction of the 206 billion barrels of oil and oil-equivalent gas assessed by the International Energy Agency (IEA) last year. 

A statement from the oil ministry revealed that the MOT will comprise of exploration heads from the state-owned Oil and Natural Gas Corp (ONGC) as well as Oil India Ltd, which will also have an official from the Directorate General of Hydrocarbons (DGH).

It revealed, "With the increase in exploration spread and quantum jump in availability of geo-scientific data generated under New Exploration Licensing Policy (NELP) there is a need to revisit the Hydrocarbon Resource assessment of India."

A complete revision is necessary due to the vast amount of data that has been gathered since the previous exercise. 

The ministry added that "There is also an urgent need for the fresh estimation in the remaining 11 sedimentary basins as well, for which no hydrocarbon resources have been estimated so far."

The MOT has also been asked to assess the resources of all 3.14 million square kilometres of the 26 sedimentary basins in India and prepare a portfolio covering the entire basin. 

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