Centre sets ball rolling for biggest round of oil & gas hunt with 'Urja Varta' meet on July 17

New Delhi, July 8 (IANS) Minister of Petroleum and Natural Gas Hardeep Singh Puri on Tuesday said that he was looking forward to engaging with ministers, officials and industry leaders at Urja Varta 2025 at Bharat Mandapam on 17 July in the run-up to India’s Round X of exploration & production bidding for oil and gas blocks, which is the biggest globally.

The oil and gas blocks being offered under the Open Acreage Licensing Programme (OALP) have already garnered attention from global and domestic energy players, and Round X is expected to set new benchmarks for participation and investment, the minister said.

The Petroleum Ministry has invited feedback and suggestions on Draft Petroleum & Natural Gas Rules, Model Revenue Sharing Contract (MRSC) & Petroleum Lease before 17 July 2025 as part of the country’s focus to accelerate oil & gas. These are a series of pathbreaking policy reforms that are being implemented to promote exploration & production in the oil and gas sector, the minister said.

“These changes to increase the ease of doing business for our oil & gas exploration and production (E&P) operators are being made after stakeholder consultation at every level,” the minister explained in a post on X.

The Oilfields (Regulation and Development) Act, 1948, was amended in March 2025, and new PNG rules have come within 3 months in the run up to OALP Round X which is the largest such exploration and production bidding round globally as part of PM Modi’s vision for the sector, the minister said.

To further enhance transparency and stakeholder engagement, the Ministry of Petroleum and Natural Gas has invited public feedback on the Draft Petroleum & Natural Gas Rules, Model Revenue Sharing Contract (MRSC) and Petroleum Lease documents. Stakeholders can submit their suggestions and comments to png-rules@dghindia.gov.in before July 17, 2025.

“This is a great time for entrepreneurs and industry leaders to look at oil and gas exploration in India. It has never been easier, faster, or more profitable to invest in India’s energy future,” Puri said.

--IANS

sps/dan