India to double down on oil, gas exploration: Hardeep Singh Puri

India to double down on oil, gas exploration: Hardeep Singh Puri

The world’s third-largest energy consumer will continue to rely on hydrocarbons to meet its growing energy needs in the foreseeable future, he said at the World Energy Policy Summit 2022.







PTI









February 04, 2022 / 04:52 PM IST





Hardeep Singh Puri



India will more than double the area that is under exploration and production of oil and gas to 0.5 million square kilometer by 2025 and to 1 million sq km by 2030 with a view to raising domestic output and cut reliance on imported fuel, Petroleum Minister Hardeep Singh Puri said on Friday.

The world’s third-largest energy consumer will continue to rely on hydrocarbons to meet its growing energy needs in the foreseeable future, he said at the World Energy Policy Summit 2022.

India currently relies on imports to meet 85 per cent of its oil needs and 50 per cent of the natural gas requirement.

This is because domestic production is inadequate.

"With an objective of increased domestic production of oil and gas, we have declared an ambitious target to increase the area under exploration and production to 0.5 million sq km by 2025 and achieve 1 mn sq km by