Global oil firms ExxonMobil, Chevron Corp, others may invest $58 bn to explore India's untapped oil and gas

As the world moves away from fossil fuels for a carbon-free future, India is trying to position itself as a hub for green hydrogen. On the other hand, its largest oil to telecom conglomerate Reliance Industries Limited, has shifted its focus towards grey hydrogen. But India is also keen on cashing in on its untapped oil and gas resources, as Union Minister Hardeep Puri has expressed positivity about the country receiving investments worth $58 billion from major global players such as Chevron Corp, ExxonMobil and TotalEnergies.

By increasing local output for satiating a domestic demand which is the third highest globally, India seeks to cuts reliance on imports, which make up 85 per cent of the oil it consumes.

By 2025, the government hopes to increase the area being explored for producing oil to 0.5 million square kilometres from 0.25 million sq km.

Referring to a global food and fuel crisis following Russia's attack on Ukraine, Puri added that the government has ensured fuel security in India by diversifying supplies, using more alternate resources such as bio-fuel and ethanol, while using EVs and hydrogen.

Ethanol being blended in petrol to cut emissions and increase income for farmers, has also gone up from 1.53 per cent to 10.17 per cent in eight years, and the government now hopes to take it to 20 per cent.

Urging carmakers to participate in the race towards sustainability, Puri also asked them to put more green vehicles on the roads.

Published on: Friday, January 13, 2023, 09:44 PM IST