News Oil & Gas

Oil & gas sector may see USD 58 billion investment in 2023- The New Indian Express


By Express News Service

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.
 



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