New Delhi, March 21 -- The Union Government has announced a series of strategic policy reforms aimed at increasing domestic hydrocarbon production and reducing India's reliance on imports, according to the Ministry of Petroleum and Natural Gas.

One of the key initiatives driving this effort is the Open Acreage Licensing Policy (OALP), which has played a crucial role in expanding the country's hydrocarbon exploration footprint.

Since its inception, the OALP has seen significant progress through multiple bidding rounds. Under bid rounds I to VIII, a total of 2,42,056 square kilometres of exploration acreage has been awarded across 144 blocks.

This initiative has led to the discovery of 13 hydrocarbon reserves, including seven oil fields ...