Puri underscored the scale of investment underway. He cited ONGC’s drilling activity for fiscal year 2024, which included 103 exploratory wells and 438 development borings—totaling 541 across the country—and a record ₹37,000 crore in capital expenditure, the highest in its history. Deep-water drilling efforts, funded heavily, are probing geological formations previously untouched, with stakes high and costs steep, mirroring strategies that eventually paid off in Guyana’s case.
India currently imports more than 85% of its crude, ranking as the world’s third-largest crude importer behind the US and China. A find of even a fraction of the estimated volume would reduce such dependency and bolster domestic production. By drawing parallels to Guyana—where ExxonMobil and CNOOC’s exploration revealed approximately 11.6 billion barrels of oil and gas reserves—Puri suggested India could unlock similar latent potential in its sedimentary stretches.
Minister Puri described how past statements on the KG Basin have been vindicated by “green shoots” in the Andaman region. While cautioning that it is still premature to declare exact yields, he asserted that “it’s only a matter of time before we find a big Guyana in the Andaman Sea”. The minister reaffirmed this while emphasising that multiple present-day exploration projects are exhibiting early promising signs.
Recent ONGC and Oil India Limited boreholes include Surya Mani, estimated at 4 million tonnes of oil equivalent at depths of 2,323 metres, and Neel Mani, with around 1.2 million tonnes at 1,117 metres. Another venture in OALP Round 3 reached 2,865 metres, indicating oil and gas presence. The ministry has four wells drilling down to 5,000 metres in Andaman waters, leveraging the Open Acreage Licensing Policy which has expanded company participation.
Puri drew attention to India’s extensive sedimentary baseline, spanning 3.5 million square kilometres, of which only around 8% had been subject to exploration. He highlighted that high upfront costs and the cautious posture of corporate players focused on quarterly results had previously constrained exploration. The renewed wave of deep-sea surveys is seen as a response to that restraint.
Drawing from the well-drilling narrative in Guyana—where 46 dry wells preceded a breakthrough on the 47th—Puri urged realism, noting, “We must not misinterpret exploratory drilling as confirmed discoveries.” However, he added, discovery indicators now appear more than minor signals.
Economic projections are equally bold. If the Andaman field delivers on its potential, it could catalyse India’s aspiration to grow into a $20 trillion economy. Minister Puri stated that such a reserve could graduate India from import dependency to self-reliance, reduce import bills and strengthen the energy-led growth model.
Since Guyana’s 2015 find, which made it one of the world’s youngest substantial petroleum producers, its status has evolved markedly. Production began in 2019, with the country now estimated by global rankings to hold significant reserves. India aims to engineer a similar transformation—with Andaman Sea exploration at the heart of that ambition.
The government has fast-tracked reforms in hopes of replicating that success. OALP has opened swathes of unexplored territory, and foreign investment has been encouraged. Enhanced technical support from global firms is being leveraged to mitigate India’s previous limitations in deep-sea drilling. This policy framework, combined with substantial funding to ONGC and Oil India Limited, signals serious intent to transition from pipeline to penny.
If further exploration confirms viability, India would join a short list of nations that have crossed the threshold from high import dependence to impactful domestic production. With billions potentially at stake, the Andaman project could mark a turning point for the country’s energy outlook and global economic positioning.