On Friday, Hardeep Singh Puri, India’s oil minister, said that France’s Total, as well as US oil majors Exxon and Chevron, are looking to get involved in India’s oil and gas exploration and production sector, and are eager to invest billions of dollars in its development.
Puri went on to say that Western companies may invest as much as $58 billion into the sector this year, as they look to begin developing oil and gas resources in the nation.
As the world’s third biggest consumer of oil, India relies heavily on external energy supplies. As a result, the nation is seeking to increase its domestic production in an effort to reduce its dependence on foreign supplies. India purchases 85% of its crude oil consumption, which it converts into gasoline and diesel, as well as about half of its natural gas, according to national data. Since December, India has been the top importer of Russian crude.
Puri said, “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.” He added that by 2025, the nation is looking to double the area it is exploring for oil and natural gas to 500,000 square kilometers.
In December, ExxonMobil revealed its 2023 investment program would include $23 billion to $27 billion allocated to maintaining its current production level of 3.7 million barrels per day. Meanwhile, Chevron increased capital expenditures 25% for 2023, with $17 billion allocated for investment projects this year.
