New Delhi: India will likely see an investment of USD 58 billion in finding and producing oil and gas resources in 2023, said Hardeep Singh Puri, Oil Minister on Friday. The minister also added that global energy majors including, Chevron Corporation, ExxonMobil and Total Energies are keen to invest.
India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports. India imports 85 percent of its crude oil, which is converted into petrol and diesel, and roughly half of its natural gas that is converted to CNG and used in industries.
Speaking at the Voice of Global South Summit, Puri said that the government has been targeting to increase the geographical area under exploration and production to 0.5 million square kilometres or 15 percent by 2025 from the current 0.25 million square kilometres.
"We are expecting an investment of around USD 58 billion in exploration and production of oil and gas by 2023," he said. "Several multinational corporations like Chevron, ExxonMobil, Total Energies are showing keen interest to invest in Indian E&P sector," he added.
"India is ready to explore opportunities for joint development and production of oil and gas assets for mutual benefit and also invite investment in our domestic E&P sector," he added.
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