We will Find Many ‘Guyanas’ in Andaman Seas: Hardeep Puri

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Oil MNCs to Return to India for Explorations: Govt

By S Jha

New Delhi, March 12: Union Minister Hardeep Singh Puri on Wednesday said in the Lok Sabha that “several Guyanas will be dug in the Andaman Sea”. Puri stated that many of the oil MNCs have shown interest to return to India.

“In Guyana, they dug 16 wells but found no oils. When they dug the 17^th oil, they struck the gold in discovering the oil. We have to promote the oil exploration in similar manner,” said Puri, while introducing a legislative bill to amend the oil exploration law.

The minister said that “several Guyanas can be found in the Andaman Sea in the near future with the help of an ecosystem that promotes risk-taking exploration activities,” said Puri.

Within a span of a short span, Guyana’s oil-led economy awed the world by becoming the fastest growing nation. Within four years, the GDP per capita of Guyana jumped from around $10,000 to over $30,000. Prime Minister Narendra Modi has last year visited Guyana for talks to deepen bilateral ties with Guyana.

Our World in Data in a report said that “a large and sudden expansion in oil production has driven most of this growth”. “In 2020, Guyana began extracting oil. From 2020 to 2023, the country’s oil production grew 425%,” said the portal, adding that Guyana emerged as a key contributor to global crude oil supply growth.

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The centre last year said that oil PSUs are exploring oil PSUs in the Andaman Sea. Oil India Limited and ONGC are engaged in oil explorations in the Andaman Sea. The government hopes that the oil blocks in the Andaman Sea may help India cut down on imports of the crude oil.

Puri said in the Lok Sabha that several of the oil MNCs are showing interests to return to India. He said that many of the MNCs are already partnering with the oil PSUs.

“With the changes in the legislation, we seek to put in place an ecosystem where exploration will be rewarded,” said Puri. He, at the onset of the debate on the bill, clarified that the proposals are civil in nature and don’t entail any criminal actions.

Puri also clarified that the bill doesn’t encroach on the rights of the states. “The Minister tried to pre-empt discussions on the bills. But the government is not of yesterday. It has been in power for 11 years. So, the government needs to give an account of the energy security,” said Manish Tewari, the Congress MP, while taking part in the debate.

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