On the occasion of World Energy Independence Day, Vedanta reiterated its commitment to further accelerate domestic oil and gas exploration. “India has a historic opportunity to realize the full potential of its hydrocarbon resources and responsible utilization of these resources will reduce the country’s dependence on imported energy and strengthen energy security,” the company said.
Similarly, Vedanta Oil & Gas (BSE: 544782 | NSE: VOGL ) reaffirmed its production target of 500,000 barrels of oil equivalent per day (BOEPD), saying the company is determined to play a key role in India’s journey to ensure energy self-sufficiency.
India is currently one of the fastest growing energy markets in the world. But despite this, almost 90 percent of the country’s demand for oil and gas has to be imported. This results in disruptions in international supply chains and fluctuations in global market prices that directly affect the country’s economy. India has potential hydrocarbon resources equivalent to about 300 billion barrels of oil. Vedanta is committed to exploiting this vast resource by accelerating exploration through the application of oil and gas-kern advanced technologies and enhanced oil recovery practices. According to the company, the continued investment will play an important role in strengthening the country’s energy security as well as reducing import dependency, creating skilled employment and improving industrial competitiveness.
Anil Aggarwal, Chairman, Vedanta said, “Energy self-sufficiency is not just an energy sector goal for India, but a strategic imperative for economic security and development. There is a beautiful synergy of mindsets here. Almost 10 percent of the world’s oil and gas experts are Indians. This skilled manpower and the country’s vast resources will create a unique opportunity for the future energy sector.”
The company also noted that many of India’s potential sedimentary basins are yet to be fully explored. Hence, there is considerable potential to further increase oil-gas exploration and domestic production in the country. In line with the Prime Minister’s vision for a National Deepwater Exploration Mission, many former ‘no-go areas’ in the deep and ultra-deep sea regions have been opened up for exploration. This is expected to create an investment opportunity of around US$ 500 billion in the country’s energy sector by the end of this decade.
The company believes that more integrated and consistent collaboration between industry bodies, the entrepreneurial community and technology innovators is essential to ensure long-term energy self-sufficiency.
Anil Aggarwal has long championed the idea of a ‘green revolution below ground’. According to him, responsible use of India’s natural resources will give a new impetus to the country’s overall economic growth by increasing employment, strengthening domestic manufacturing and reducing dependence on imported energy. Vedanta believes that by stepping up exploration today, it will not only ensure energy security, but also create long-term economic value for future generations.
Vedanta Oil & Gas currently forms one of the largest private upstream oil-gas portfolios in India. The company has interests in 44 onshore and offshore blocks covering an area of approximately 47,000 square kilometers spread across Rajasthan, Gujarat, Assam and Andhra Pradesh, containing both conventional and unconventional hydrocarbon resources. As India’s leading private oil and gas producer, the company continues its commitment to responsible manufacturing, improving production efficiency and sustainable development.