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!
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!
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.
By creating a framework for cooperation between the concerned Governments, this MoU signed in the presence of HM Sh
@AmitShah Ji, provides certainty to investors, facilitates operational continuity, enables regulatory coordination and creates conditions necessary for long-term investment decisions.
I want to thank the Nagaland CM Sh
@Neiphiu_Rio Ji and Assam CM Sh
@himantabiswa Ji who rose above differences to chart the way forward for the region and the country.
The 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.
@PMOIndia
@PetroleumMin @CMOfficeAssam @CmoNagaland @PIB_India