India's state-controlled upstream firm ONGC plans to raise its oil and gas exploration and production (E&P) acreage by nearly fourfold by 2025, as the country attempts to increase domestic crude production and minimise its dependence on imports.

"The company plans to steeply enhance the acreage under E&P from the current 127,000km² to 500,000km² by 2025," oil minister Hardeep Puri said.

ONGC will "also focus on green hydrogen and other sources of enhancing domestic petroleum and natural gas production in the country, which will contribute in reducing the fuel import bill," he added.

India is the world's third-largest energy consumer and imports nearly 84pc of its crude needs. The country has been taking steps to increase domestic production, such as reducing the number of approvals required for exploration projects, identifying new oil and gas blocks and offering them through periodic licensing bid rounds.

India also plans to invest $100bn in oil and gas infrastructure by 2024 and $100bn in oil field equipment and services in the next 10 years.

By Sathya Narayanan

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Argus Media Limited published this content on 30 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 December 2021 07:36:01 UTC.