India will aim to be self-reliant in crude oil production by 2030, Union Petroleum and Natural Gas Minister M Veerappa Moily announced March 25. The government has set a goal to reduce crude oil imports by half by 2020 and 75 percent by 2025, the Net Indian reported.
"We are taking every possible initiative to work towards our goal of attaining self-sufficiency in petroleum," said Moily at the National Editors' Conference on Social and Infrastructure Issues.
He said like China and the United States have significantly increased gas production in the last few years, India, too, can "change its energy landscape in the short span," the article stated.
Currently, India is producing 73 billion barrels of oil and equivalent gas and about 133 billion barrels of prognosticate resources are yet to be explored, Moily said. He added that with "speedy implementation" of new energy exploration policies in India, the country would be able to meet its energy independence goals.
Moily said at the conference that India spends a significant amount of money on importing oil to the country. Crude oil production in India is expected to reach 42.31 million tonnes this year - an increase of 11.08 compared to last year.