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The Ministry of Petroleum & Natural Gas on Friday signed an MoU with Assam and Nagaland to boost domestic oil and gas exploration. The agreement aims to revive production in Nagaland after 31 years and tap the Northeast's rich hydrocarbon potential, providing investment certainty and creating jobs, Union Minister Hardeep Singh Puri said.
Puri shared the development via his social media account, noting "With the signing of a historic tripartite Memorandum of Understanding between Ministry of Petroleum & Natural Gas, Nagaland and Assam, India's quest towards increasing domestic exploration and production of hydrocarbons under the visionary leadership of PM Sh @narendramodi Ji takes a giant leap as a new basin opens up for fresh wildcat exploration!" Adding that North East India gave birth to India's petroleum industry; the Minister said Nagaland will produce oil and gas again after 31 years. "The North East gave birth to India's petroleum industry; today, it stands ready to power the next chapter of India's energy journey as Nagaland will produce oil and gas again after 31 years," he added. With Assam holding nearly 22 per cent of India's crude oil and 15 per cent of its natural gas, and Nagaland's Naga-Schuppen Belt rich in untapped hydrocarbons, the outlook for exploration and production in the Northeast is highly promising. "Since Assam alone accounts for nearly 22% of India's crude oil reserves and around 15% of the country's natural gas reserves, while Nagaland possesses significant hydrocarbon potential in the Naga-Schuppen Belt of the Assam-Arakan Basin, resources where hydrocarbons flow naturally and those which have huge untapped resources, the outlook for E&P activities in the North East is therefore extremely promising," he said. According to Puri, the latest MoU provides certainty to the investors, facilitating operational continuity and creates environment for long-term investment. He further note that "resumption of mineral oil operations will generate direct and indirect employment, stimulate local entrepreneurship, strengthen physical infrastructure, create opportunities for contractors, service providers and small businesses, and contribute significantly to the economic development of surrounding communities and the entire NE Region." (ANI)
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