"India remains "vulnerable" and lacking in energy security until it can produce at least 50% of its own oil. Billionaire industrialist Anil Agarwal believes India can grow to produce enough oil to meet 30% of its domestic demand within a few years."
"It's a greater opportunity to be an explorer in India because India is fundamentally oil rich, as far as the reserves are concerned. But you have to do the exploration, make investment, and this is the great opportunity to develop the hydrocarbons in India."
India imports nearly 90% of its crude oil, primarily from Russia and the Middle East, making it vulnerable to geopolitical issues. To enhance energy security, India is inviting foreign investment to increase domestic oil and gas supplies, targeting $100 billion by 2030. The chairman of Cairn Oil & Gas emphasized the need for exploration and investment, believing India can meet 30% of its oil demand domestically in a few years. The country is seen as having significant oil reserves that require development.
Read at Fortune
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