Dr. Ranjit Rath, CMD of OIL, participated in a panel discussion on ‘Torch Bearer of India E&P: IOC or India NOC – Past Experience, Current Preparedness, and Future Expectations’ at #GEOINDIA2024, organized by the Association of Petroleum Geologists (APG), India, at the India Expo Mart Convention Centre, Greater Noida.
During the session, Dr. Rath emphasized that Oil and Gas will remain a crucial part of India’s energy mix, with the real question being how much and how soon. He pointed out that India has a significant opportunity to forge partnerships and enhance the oil and gas value chain, particularly in exploration and production, while accelerating progress.
For National Oil Companies (NOCs), Dr. Rath reiterated the need to continue the vital work being done, not only to contribute to the national economy but also to uphold global responsibilities. He stressed that production would remain the primary focus, with returns being reinvested into exploration costs. Dr. Rath highlighted the ongoing efforts in exploring Category I basins and the commitment to exploring Category II & III basins under the current OALP regime.
Dr. Rath also spoke about the Ministry of Petroleum & Natural Gas’ National Seismic Program, which includes drilling four stratigraphic wells in offshore basins such as Saurashtra, Bengal, Mahanadi, and Andaman Nicobar. He explained that these collaborative efforts, undertaken jointly by ONGC and OIL, would significantly contribute to refining petroleum system models and expanding the exploration database of these basins.
