India will likely see an investment of USD 58 billion in finding and producing oil and gas resources in 2023, Oil Minister Hardeep Singh Puri said on Friday, adding global energy majors Chevron Corp, ExxonMobil and TotalEnergies 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 per cent 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.
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Speaking at the Voice of Global South Summit, Puri said the government has targeting to increase the geographical area under exploration and production to 0.5 million square kilometres or 15 per cent by 2025 from the current 0.25 million sq km.
“We are expecting an investment of around USD 58 bn in exploration and production (of oil and gas) by 2023,” he said. “Several multinational corporations like Chevron, ExxonMobil, TotalEnergies are showing keen interest to invest in Indian E&P sector.” India, he said, 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”.