India’s Oil Minister Calls for Intensified Hydrocarbon Production
Hardeep Singh Puri noted that this is necessary to reduce the republic’s dependence on imports
Indian Oil and Natural Gas Minister Hardeep Singh Puri called for intensified oil and gas production on his territory to reduce the South Asian republic’s dependence on imports and ensure fuel availability. According to NDTV, the minister called for active investment in national oil production.
“Exploration and production [of oil] offers investment opportunities worth $100 billion by 2030,” Puri said.
He noted that sedimentary basins on Indian territory contain about 651.8 million tons of crude oil and 1,138.6 billion cubic meters of natural gas. However, only 10% of the area of the Hindustan sedimentary basin has been explored.
“I find it strange that India is so dependent on imported oil despite the abundant geological resources we have. <…> Our efforts should be focused on discovering resources that are yet to be discovered,” the minister said.
India imports more than 85% of its national crude oil requirements, which are then converted into petrol and diesel in local refineries.
