NOVEMBER, 20258TOP STORIESTOP STORIESINDIA MUST FIND MAJOR OIL, GAS RESERVES SOON: PANKAJ JAINKARNATAKA CLEARS 13 PROJECTS WORTH 27,607 CROREIndiamightloseitsappealtobeconsideredahubforoilandgasexplorationifitdoesn'tcomeupwithasubstantialdiscoveryinthenearfuture,accordingtoPankajJain,Secretary,MinistryofPetroleumandNaturalGas.Atthe15thBiennialInternationalConferenceandExpositionoftheSocietyofPetroleumGeophysicists(SPG-India)2025,heldinJaipur,Jaincalledfortheimmediateimplementationofboldandtime-boundexplorationstrategiesthatareinlinewiththeNationalDeepwaterExplorationMission.HementionedthatamongthemajorlegislativemeasuresputinplacebythegovernmentistheOilfields(RegulationandDevelopment)Act,2025,whichderegulated99percentoftheoffshoreareaspreviouslyclosedtoexplorationandbidding.Thestep,accordingtoJain,isintendedtolureworldwideinvestorsandspeedupIndia'shydrocarbonhunt.AfterMumbaiHighin1974andtheKrishnaGodavaribasinintheearly2000s,thequestionofwherethenextIndiaoilandgasbreakthroughwouldcomefromislouderthanever.ThegovernmenthasshiftedgearstosupportthedrillingcampaignintheAndamanSeainhopesofa"Guyana-like"discovery.Jainexpressedtheviewthatslowandsteadywouldnolongerbethewayastheshareofalternativeenergysourcesintheglobalenergymixisontherise.Hesuggestedinnovation,speed,andtakingnationalresponsibilityasthewaystogetenergyself-sufficiency.ONGCChairmanandCEOArunKumarSingh,inhisspeech,alsoconcurredwiththepointandwentontosaythatseismicimaging,AI-driveninterpretation,anddataanalyticsadvancementswouldbetheenablersofIndia'snextwaveofoilandgasexploration,deepwaterdrillingbeingthefocus,asperthecompany."Theexpansionaccountsfor378.75crore,whilethenewinitiativesrequireaninvestmentof27,228.51crore,"headdedinanofficialstatement.JSWJFEElectricalSteelPrivateLimited:7,102crore(900jobs);HSSTextilePrivateLimited:Rs740crore(800jobs);SFXIndiaMfgPrivateLimited:9,298crore(806jobs);VayuAssetsPrivateLimited:1,251crore(1,912jobs);TejasNetworksLimited:542.19crore(1,312jobs);RelianceConsumerProductsLimited:1,622crore(1,200jobs),thestatementsaid.The statement further highlighted that twocompanieshavesubmittedfreshinvestmentproposalstotheStateHigh-LevelClearanceCommittee.EmbassyIndustrialParkhasproposedaprojectworth80crore,whileBalajiWafersPrivateLimitedhas submitted a proposal amounting to 298.75crore.Together,thesenewinitiativesrepresentatotalinvestmentof378.75crore.Officialsnotedthattheseprojectsareexpectedtocontributetothestate'sindustrialgrowthandgenerateemploymentopportunities,reflectingcontinuedinvestorconfidenceintheregion'sbusinessenvironment.Atthe66thmeetingoftheStateHigh-LevelClearanceCommitteeheldinBengaluruonFriday,ChiefMinisterSiddaramaiahapproved13investmentproposalsworthatotalof27,607.26crore,officialsannounced.Accordingtotheofficials,theseprojectsareexpectedtocreatearound8,704directemploymentopportunities.LargeandMediumIndustriesMinisterM.B.Patilstatedthattheapprovalscomprise11newinvestmentproposalsandtwoexpansionprojects.
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