India to see investment worth $58 bn in 2023 as Chevron, Total keen: Hardeep Puri

New Delhi, Jan 13 Petroleum Minister Hardeep Puri on Friday said that India is likely to witness an investment worth around $58 billion in 2023 in oil and gas exploration, as major energy entities like Chevron Corp, ExxonMobil, and TotalEnergies have shown interest.

Addressing the Voice of Global South summit, he said that the government is expecting an investment of around $58 billion in exploration and production (of oil and gas) by this year as many companies like Chevron, ExxonMobil, and TotalEnergies are interested in investing in the country's exploration and production sector.

India is keen to enhance its domestic output in order to reduce dependence on imports. It imports 85 per cent of crude oil, which is converted into petrol and diesel.

Puri further said that the government aims to increase the geographical area under exploration and production to 0.5 million square kilometres or 15 per cent by 2025 from the current 0.25 million sq km.