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"We are no longer a hydrocarbon poor country. After the recent spate of oil and gas discoveries, we are transiting from having nothing to having something. We have a hydrocarbon resource base of 30 billion tonnes or 225 billion barrels of oil and oil equivalent gas waiting to be discovered," he said at a CII conference in New Delhi.
After Reliance Industries struck large gas fields in two blocks in Bay of Bengal and Cairn Energy of UK made a significant oil find in the deserts of Rajasthan, public sector Oil and Natural Gas Corp has also made a huge gas find in the Krishna Godavari Basin off the Andhra coast, which will change the perception about Indian geology.
Aiyar said the offshore Cauvery, Krishna Godavari and Mahanadi basins in Bay of Bengal hold huge promise while on the west coast, Kerala-Konkan basin holds promise.
India offered 100 per cent FDI in oil and gas exploration and production, transparent and stable policy regime, single window clearance and best international practice, he said, adding 20 oil and gas blocks have been put on auction in the fifth round of bidding under New Exploration Licensing Policy.
Stating that the roadshows for the NELP-V round have received overwhelming response, M S Srinivasan, additional secretary in Aiyar's ministry, said India is an under-explored country.