The second most populous country in the world has been one of the largest importers and consumers of oil for a long time. Imports cover more than 80 percent of its annual consumption of black gold, so it wants to significantly reduce its energy dependence.
Billions will be invested into mining
The State Oil and Natural Gas Corporation (ONGC) plans to invest heavily in new oil and gas fields between 2022 and 2025. In the next three years, it is to spend around four billion dollars in the mining sector, which is half as much as in the past three years. The aim is to significantly increase the country’s production potential in both oil and gas.
The company stated that it also wants to intensify international cooperation with renowned companies in the field, and that it is already conducting talks with some on the topic. Although the ONGC did not specify which companies, foreign investors are offered a share in a possible joint project.
The current situation in India
India is the third largest importer of oil and natural gas and imports cover the vast majority of consumption of these energy commodities. But price developments are motivating the country to start exploring domestic mining options more.