New Delhi : With a two-decade old estimate of oil and gas reserves in India becoming outdated, Oil Minister M Veerappa Moily has set up a multi-organisational team to reassess the country’s hydrocarbon resources.
The Multi-Organisation Team or MOT will reassess the potential of all 26 sedimentary basins in the country in light of the oil and gas discoveries since 2001.
The previous such exercise was undertaken two decades ago, when 15 sedimentary basins were studied. That estimation put India’s oil and gas resource potential at a fraction of the 206 billion barrels of oil and oil-equivalent gas assessed by the International Energy Agency (IEA) last year.
MOT will comprise of exploration heads of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd and will also have an official from the Directorate General of Hydrocarbons (DGH), an oil ministry statement said.
“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,” it said. A full-scale revision is overdue in view of the vast amount of data collected since the previous exercise.