Mumbai, June 16: India may be on the brink of a landmark offshore oil discovery in the Andaman Sea that could rival the transformational find off Guyana's coast, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said in an exclusive interview.

The find, if confirmed, could significantly bolster India's energy security and economic trajectory.

In an interview with The New Indian, Puri described early signs of crude deposits in the Andaman region as "green shoots" and expressed optimism that India could soon achieve a breakthrough similar to Guyana's, where ExxonMobil and partners discovered more than 11.6 billion barrels of oil, reshaping the South American nation's economy. "I think it's only a matter of time before we find a big Guyana in the Andaman Sea," Puri said.

India Drilling at Record Highs

The optimism stems from ongoing reforms in India's exploration framework and increased investment in underexplored sedimentary basins. In FY2023-24, state-run ONGC drilled 541 wells, the highest in 37 years, including 103 exploratory and 438 development wells, with a record capital expenditure of INR 37,000 crore.

Puri also highlighted the recent introduction of the Oil Fields Regulation and Development Amendment Bill, which replaces colonial-era laws dating back to 1948. The bill aims to streamline regulatory approvals, clarify resource sector boundaries, and encourage private investment by removing long-standing bureaucratic hurdles.

Puri noted the level of commitment required in such ventures, citing Guyana's experience where oil was struck on the 41st well, each costing approximately USD 100 million.

India Eyes Oil Independence

With India currently importing over 85% of its crude oil needs, a major domestic find could mark a turning point. Domestic production is now largely centred in Assam, Gujarat, Rajasthan, Mumbai High, and the Krishna-Godavari Basin. Strategic reserves are maintained in Visakhapatnam, Mangalore, and Padur, with additional sites planned in Odisha and Rajasthan.

If exploration efforts in the Andaman Sea succeed, India could reduce its heavy reliance on foreign oil and accelerate toward its goal of becoming a USD 20 trillion economy, Puri suggested.