India has set a target to double its oil production and exploration acreages to increase domestic production of oil and gas and cut reliance on imported oil, said Union Petroleum Minister Hardeep Singh Puri here on Friday.
He said while oil acreage area would be increased to 0.5 million square kilometers by 2025, it would be increased to 1 million square kilometer by 2030, the Minister claimed while addressing the World Energy Policy Summit on Friday.
Presently, more than 85 % of its oil needs and half of its gas requirements are met through import. The government has already managed to double its acreage through seven rounds of the auction of oil acreage under the New Open Acreage Licensing Policy (OALP), the Minister said.
The Indian economy is likely to touch USD 5 trillion by 2025 and to USD 10 trillion by 2030 from the current USD 3 trillion which would further increase India’s oil demand. “By 2050, as per projections by BP Energy outlook, India’s shares in global energy demand is expected to double from the current 6 percent to 12 percent, accounting for over a quarter of net global primary energy demand growth,” the Minister said.
The government is also planning to increase India’s natural gas share from the current 6 percent to 15 percent by 2030 and also stressing on ethanol blending through a series of progressive reforms to increase it to 20 % by 2025, the Minister said
“Our focus is also on the faster deployment of green hydrogen and developing India as a hub of green hydrogen. Our oil and gas companies are developing projects for use of hydrogen as fuel and infusion of hydrogen in gas pipelines as well,” he said.