Double down on domestic oil and gas

India can shape a pragmatic model that offers clearances in a predictable time frame, balances environmental oversight, and creates confidence for long-term investors

- DHANENDRA KUMAR

Urgency underscores the need for quick action. Ageing fields and a reliance on public sector undertakings highlight why a stronger role for private players is needed. Private explorers, with global capital and advanced drilling technologies, are best placed to unlock frontier basins, deep-water prospects, and unconventional plays. Take the example of Guyana, where Chevron and Hess made significant new discoveries. Similarly, the recent discovery by British Petroleum in Brazil is said to be the largest in 25 years.

India's backbone remains its national oil companies: about 77% of crude is produced by ONGC and OIL under the nomination regime. ONGC's operating discipline in mature Western offshore and onshore clusters reflects base output and national energy resilience. In the post-crude-sale deregulation, ONGC can continue to focus on its role without legacy bottlenecks.