India has taken several steps to accelerate the pace of exploration and increase production of domestic oil and gas, petroleum minister Dharmendra Pradhan told the Rajya Sabha.
He said the initiatives included early monetization of discoveries and appraisal of about 1.5 million sq. km of un-appraised area of the Indian Sedimentary Basins.
The government has also initiated reassessment of hydrocarbon resources and set up of National Data Repository.
Other steps included a policy for exploration and exploitation of shale gas/oil resources by national oil companies under the nomination regime, policy for exploration in the mining lease areas after the expiry of exploration period.
The government had also offered exploration blocks through bidding rounds and instituted a policy on non-exclusive multi-client speculative survey for assessment of unexplored sedimentary basins.