India will probable see an investment of $58 billion in finding and generating oil and gas resources in 2023, Oil Minister Hardeep Singh Puri stated on Friday, adding worldwide power majors Chevron Corp, ExxonMobil and TotalEnergies are eager to make investments.

India, the world’s third-biggest oil-consuming and importing state, is seeking to improve domestic output to help cut down reliance on high-priced imports. India imports eighty five according to cent of its crude oil, converted into petrol and diesel, and more or less half of its natural gasoline that is converted to CNG and used in industries.

Speaking at the Voice of Global South Summit, Puri stated the government has focused on to increase the geographical vicinity below exploration and production to zero.Five million rectangular kilometres or 15 per cent with the aid of 2025 from the current zero.25 million sq.Km.

“We are waiting for an investment of around $58 billion in exploration and manufacturing (of oil and gasoline) by means of 2023,” he stated. “Several multinational agencies like Chevron, ExxonMobil, TotalEnergies are displaying keen interest to put money into Indian E&P quarter.”

India, he said, is ready to “explore possibilities for joint development and production of oil and fuel assets for mutual advantage and also invite investment in our home E&P region”.