Vedanta Chairman Anil Agarwal has called for a nationwide effort to accelerate domestic oil and gas exploration, emphasizing India's critical need to reduce its significant energy import dependency. Speaking on Global Energy Independence Day, Agarwal highlighted a historic opportunity to tap into an estimated 300 billion barrels equivalent of hydrocarbon resources.
Tackling India's Energy Import Trap
Despite being one of the world's fastest-growing energy markets, India currently imports approximately 90% of its oil and gas, leaving its economy vulnerable to global supply disruptions and price volatility. Agarwal stressed that unlocking domestic resources is not merely an aspiration but a strategic economic imperative for the nation.
Vedanta Oil & Gas, a key player in India's private upstream sector, holds interests across 44 onshore and offshore blocks spanning nearly 47,000 sq km in states like Rajasthan, Gujarat, Assam, and Andhra Pradesh. The company aims to boost its production to 500,000 barrels of oil equivalent per day (boepd), with an ambitious long-term goal of reaching 1 million boepd.
A Call for a National Movement
"Energy independence is no longer just an aspiration for the energy sector — it is a strategic economic imperative for India. Every barrel of oil and gas produced within the country strengthens our economy, reduces import dependence and enhances national resilience," stated Anil Agarwal.
Agarwal emphasized that India possesses abundant natural resources, world-class technical talent (with nearly 10% of global oil and gas professionals being Indian), and entrepreneurial capability. He believes that a concerted national movement focused on accelerated exploration, encouraging investment, fostering innovation, and creating a stable policy environment is essential for responsible resource development.
Policy and Investment Critical for Energy Security
India remains significantly under-explored for hydrocarbons, with vast prospective sedimentary basins yet to be systematically examined. The government has begun opening deep and ultra-deepwater blocks, aligning with the Prime Minister’s vision for the National Deepwater Exploration Mission (Samudra Manthan) and aiming for $500 billion in energy sector investments by the decade's end.
Achieving long-term energy independence will necessitate sustained collaboration among government, industry, entrepreneurs, and technology innovators. This must be supported by a predictable policy and regulatory framework that incentivizes investment, streamlines processes, and encourages technology-led resource development. Agarwal advocates for a "green revolution below the ground" to responsibly unlock India's natural wealth, thereby creating jobs, strengthening domestic manufacturing, and reducing reliance on imported energy for future generations.