New Delhi:
India is likely to see a $58 billion investment in finding and producing oil and gas resources by 2023, said oil minister Hardeep Singh Puri on Friday, adding that global energy giants Chevron Corp, ExxonMobil and TotalEnergies are eager to invest.
India, the world’s third largest oil consuming and importing nation, is looking to increase domestic production to reduce dependence on expensive imports. India imports 85 percent of its crude oil, which is converted to gasoline and diesel, and about half of its natural gas is converted to CNG and used in industry.
Speaking at the Voice of Global South Summit, Hardeep Singh Puri said the government’s goal is to expand the geographic area under exploration and production to 0.5 million square kilometers or 15 percent of the current 0.25 million square kilometers by 2025 .
“We expect to invest about $58 billion in exploration and production (of oil and gas) by 2023,” he said. “Several multinational companies such as Chevron, ExxonMobil and TotalEnergies are showing strong interest in investing in the 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”.
Hardeep Singh Puri said the world is facing an unprecedented crisis of 3Fs – ‘food, fuel and fertilizer’. “We are witnessing extreme price volatility in energy molecules. The most acute impact of this is being felt in the global south.” Despite these challenging circumstances, the government has taken several measures to maintain energy security for its citizens.
These include diversification of supplies, an increase in alternative energy sources such as biofuels, ethanol and compressed biogas, a larger E&P footprint and a focus on domestic production; and achieving energy targets through EVs and hydrogen.
“All of these measures provide easy replication for achieving our respective energy security goals,” he said.
India, he said, has increased ethanol blending in gasoline from 1.53 percent in 2013-14 to 10.17 percent in 2022, well ahead of its November 2022 deadline and its target of phasing out 20 percent ethanol blending in gasoline. 2030 to 2025-26.
“To solve the common concerns of the global south, India proposes to create Global Biofuel Alliance under G20,” he said.
“The goal of the Alliance is to support projects to increase the use of biofuels and related technology, provide alternative ways of sustainable energy and ultimately move to trade between the largest producers and consumers of biofuels.” E20, or gasoline blended with 20 percent ethanol, will soon be rolled out in 11 states and UTs, well ahead of the original target date of April 1, 2023. country between now and April 2025,” he said.
The government is also aiming for a production capacity of 15 million tons of compressed biogas (CBG) from 5,000 plants by 2023 with an investment of USD 20 billion.
(Except for the headline, this story has not been edited by DailyExpertNews staff and is being published from a syndicated feed.)
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