Big Oil looking to invest in India – official

Western corporations may inject $58 billion into finding and producing the country’s energy resources

US energy majors Exxon and Chevron, along with France’s Total, are eying India’s oil and gas exploration and production sector and are keen to invest billions of dollars in its development, the country’s oil minister, Hardeep Singh Puri, said on Friday.

According to the official, Western corporations could inject a total of $58 billion in investment this year with a view to finding and producing oil and gas resources in the country.

India, the world’s third-biggest oil consumer, is heavily dependent on external energy supplies and is looking to raise domestic output in a bid to reduce reliance on costly imports. New Delhi buys 85% of its oil, which is converted into petrol and diesel, and roughly half of its natural gas, according to the country’s data. India has been Russia’s top importer of crude since December.

“India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P [exploration and production] sector,” Puri said, adding that the country is aiming to double the area for oil and gas exploration to 500,000 square kilometers by 2025.

READ MORE: G7 wants to force India to accept Russian oil price cap – Reuters

Meanwhile, ExxonMobil announced in December that its 2023 investment program includes between $23 billion to $27 billion for maintaining its current production level of 3.7 million barrels per day. Another US energy giant, Chevron, boosted its capital expenditure for 2023 by 25%, with $17 billion planned for investment projects this year.

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