Guwahati, June 11: Assam and Nagaland on Thursday signed a historic tripartite memorandum of understanding (MoU) with the Ministry of Petroleum and Pure Fuel to facilitate oil and fuel exploration in disputed border areas, a transfer anticipated to unlock vital hydrocarbon reserves and increase financial progress throughout the Northeast.
The settlement, signed in the presence of Union House Minister Amit Shah, seeks to remodel long-contested border sectors into zones of financial cooperation by enabling the exploration and extraction of hydrocarbons whereas making certain that each states share the advantages arising from useful resource growth.
Assam Chief Minister Himanta Biswa Sarma mentioned the decades-old boundary dispute had lengthy hindered the utilisation of the area’s pure sources. The disputed areas, recognized as Sectors A, B, C, D and E, have witnessed overlapping administrative claims that difficult hydrocarbon exploration and extraction efforts.
Beneath the MoU, the 2 states have agreed to collectively facilitate oil and fuel operations and share the proceeds, together with royalty revenues. Sarma mentioned the settlement assumes higher significance at a time when India is looking for to improve home power manufacturing amid volatility in world power markets.
“The area holds immense hydrocarbon potential. Assam and Nagaland have agreed to collectively facilitate its exploration and extraction whereas sharing the proceeds, enabling each states and the nation to profit,” he mentioned.
Union Petroleum and Pure Fuel Minister Hardeep Singh Puri described the settlement as a significant milestone in India’s efforts to enhance home hydrocarbon manufacturing.
“The Northeast gave delivery to India’s petroleum trade; right this moment, it stands prepared to energy the following chapter of India’s power journey. Nagaland will produce oil and fuel once more after 31 years,” Puri mentioned.
He mentioned the MoU opens up a brand new basin for recent “wildcat” exploration and marks a big advance in India’s quest to increase home exploration and manufacturing.
Puri famous that Assam accounts for almost 22 per cent of India’s crude oil reserves and about 15 per cent of its pure fuel reserves, whereas Nagaland holds substantial hydrocarbon potential in the Naga-Schuppen Belt of the Assam-Arakan Basin.
“Sources the place hydrocarbons stream naturally and people with enormous untapped reserves make the outlook for exploration and manufacturing actions in the Northeast extraordinarily promising,” he mentioned.
The minister added that the resumption of oil and fuel operations would generate direct and oblique employment, encourage native entrepreneurship, strengthen infrastructure, and create alternatives for contractors, service suppliers and small companies throughout the area.
Nagaland Chief Minister Neiphiu Rio termed the settlement a transformative second, saying unresolved border points had for many years restricted the event of sources in the world.
“Immediately’s MoU transforms years of dialogue right into a framework that may profit current and future generations,” Rio mentioned.
He mentioned the settlement would improve financial exercise, enhance useful resource administration and deepen inter-state cooperation by dialogue and mutual respect. Describing the pact as a “new period of brotherhood, collaboration and shared prosperity” between Assam and Nagaland, Rio mentioned it could unlock the financial potential of the disputed sectors and convert an space of uncertainty right into a hall of financial progress.
The settlement is being seen as some of the vital examples of the 2 neighbouring states collaborating on financial growth in disputed territories whereas broader efforts to resolve the long-pending boundary dispute proceed.
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