New Delhi, Jan. 20: A panel of experts will reassess the country’s oil and gas reserves in the light of the availability of more data on hydrocarbon resources as the government bids to attract more global investors in exploration.
“With the increase in exploration spread and a quantum jump in the availability of geo-scientific data generated under the New Exploration Licensing Policy (Nelp), there is a need to revisit the hydrocarbon resource assessment of India,” the oil ministry said.
The team will reassess the reserves in all the 26 sedimentary basins and will submit a report in 30 months.
In fact, the previous assessment was done two decades ago and covered only 15 of the 26 basins.
That study put India’s hydrocarbon potential much below the 206 billion barrels of oil and oil-equivalent gas assessed by the International Energy Agency last year.
“Since the resource assessment of all the basins cannot be done simultaneously, the teams will prioritise and draw timelines for completion schedule for each basin to complete the total exercise, including the writing of the report within a timeframe of 30 months,” the ministry said.
A revision is due in view of the vast amount of data collected since the previous exercise.
“There is an urgent need for a fresh estimation in the remaining 11 sedimentary basins as well, for which no hydrocarbon resources have been estimated so far,” it said.
The panel will estimate the resources of all 3.14 million square kilometres of the 26 basins and prepare a basin-wise portfolio.
It will comprise the exploration heads of state-owned Oil and Natural Gas Corporation and Oil India Ltd, besides an official from the directorate general of hydrocarbons (DGH).
The team will carry out the resource assessment at ONGC’s Keshav Dev Majviy Institute of Petroleum Exploration (KDMIPE) in Dehradun.
A national steering committee has been set up to periodically review the work done by the panel.
This panel will be headed by the oil secretary and will include the DGH, the exploration heads of ONGC and Oil India and the head of the KDMIPE.
“The process of hydrocarbon resource estimation of different basins being sequential, there will be quarterly review meetings by the multi-organisation team for assessing the progress,” the ministry said.
The team will utilise the geo-scientific data available with the KDMIPE and the DGH to assess the resources.
The DGH will provide all resource assessment related data of Nelp and pre-Nelp blocks, operated by various exploration and production companies. Data confidentiality will be maintained by the KDMIPE.
Reliance Industries Ltd (RIL) plans to start production of natural gas from coal-bed methane (CBM) in Madhya Pradesh from 2015-16.
The company plans to produce 3.5 million standard cubic metres per day of gas from the two Sohagpur blocks.