(WO) — Vedanta Oil & Gasoline has reaffirmed its purpose of accelerating manufacturing to 500,000 boed whereas calling for accelerated exploration to unlock India’s estimated hydrocarbon sources and cut back the nation’s dependence on imported oil and fuel.
Marking International Power Independence Day, the corporate mentioned India at the moment imports almost 90% of its oil and fuel necessities regardless of an estimated 300 billion boe of hydrocarbon useful resource potential. Vedanta mentioned expanded exploration and enhanced oil restoration applied sciences might assist strengthen home vitality safety, help financial development and cut back publicity to international provide disruptions.
“Power independence is a strategic financial crucial for India,” mentioned Vedanta Chairman Anil Agarwal. “Each barrel of oil and fuel produced inside the nation strengthens our economic system, reduces import dependence and enhances nationwide resilience.”
Vedanta famous that India stays considerably underexplored, with giant potential sedimentary basins but to be systematically evaluated. The corporate additionally pointed to the federal government’s current efforts to open extra deepwater and ultra-deepwater acreage for exploration as a part of broader initiatives to develop home vitality manufacturing.
Vedanta Oil & Gasoline, previously Cairn Oil & Gasoline, mentioned it plans to assist unlock the nation’s useful resource base by continued exploration and the applying of superior manufacturing and enhanced oil restoration applied sciences.
The corporate operates considered one of India’s largest personal upstream portfolios, with pursuits in 44 onshore and offshore blocks protecting almost 47,000 sq km throughout Rajasthan, Gujarat, Assam and Andhra Pradesh. Its acreage consists of each standard and unconventional hydrocarbon sources.
Vedanta mentioned continued collaboration amongst business, know-how suppliers and policymakers will probably be wanted to develop home oil and fuel manufacturing and enhance India’s long-term vitality safety whereas decreasing reliance on imports.