India, the world’s third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports.
Reuters
January 13, 2023 / 03:03 PM IST
Global energy majors Chevron Corp, Exxon Mobil Corp and TotalEnergies are interested in investing in India’s oil and gas exploration and production sector, the country’s oil minister said in a speech on Friday.
India, the world’s third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetise its hydrocarbon reserves to reduce its dependence on costly imports.
“India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P (exploration and production) sector,” Hardeep Singh Puri said.
The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025.
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