Oil & gas sector may see USD 58 billion investment in 2023
India is the world’s third-biggest oil-consuming and importing nation and is looking to raise domestic output to help cut down reliance on costly imports.
Published: 14th January 2023 07:14 AM | Last Updated: 14th January 2023 07:14 AM | A+A A-
Petroleum Minister Hardeep Singh Puri. (Photo | A Sanesh)
MUMBAI: Petroleum minister Hardeep Singh Puri on Friday said India is expecting an investment of nearly $58 billion in exploration and production of oil and gas by 2023.
Speaking at the Voice of Global South Summit, he further said the companies like Chevron, ExxonMobil, TotalEnergies are showing keen interest to invest in the Indian E&P sector.
“We are expecting an investment of nearly $58 bn in exploration and production (of oil and gas) by 2023,” he said. ”Several multinational corporations like Chevron, ExxonMobil, and TotalEnergies are showing keen interest to invest in the Indian E&P sector.”
India is the world’s third-biggest oil-consuming and importing nation and is looking to raise domestic output to help cut down reliance on costly imports. The country imports nearly 85% of its crude oil, which is converted into petrol and diesel, and roughly half of its natural gas which is converted to CNG and used in industries.
