India is expected to receive an estimated $58 billion of investment in the upstream oil and gas sector by 2023, said petroleum minister Hardeep Singh Puri, adding that several global companies like Chevron, ExxonMobil, and Total Energies have shown keen interest to invest in Indian exploration and production segment.
Speaking at the Voice of Global South Summit, the minister said, “The government has set a target to increase the net geographical area under exploration from 8% (0.25 million sq. km) to 15% (0.5 million sq. km) by 2025 and is expecting an investment of $58 billion in E&P by 2023."
“We have reduced the prohibited/no-go areas in our EEZ (exclusive economic zone) by 99% of our EEZ opening up nearly 1 million sq kms for exploration to attract the domestic & Overseas investors," he added.
Puri said that the country is ready to explore opportunities for joint development production of oil & gas assets for mutual benefit and also invites investment in our domestic E & P Sector.
The minister added that India has increased the ethanol blending in petrol from 1.53 per cent in 2013-14 to 10.17 per cent in 2022. He said, the country has set a target to achieve 20 per cent ethanol blending in petrol by 2025-26.
He stated that India is undertaking an ambitious journey of energy transition to achieve net carbon zero by 2070. This transition has to be stable and just to ensure that it remains consistent.