'We must produce more oil in India': Vedanta chairman urges govt as BP predicts surge in demand
'We must produce more oil in India': Vedanta chairman urges govt as BP predicts surge in demand
Self-certification of clearances will greatly speed up exploration and production, says Vedanta Group Chairman Anil Agarwal
Business Today Desk
- Oct 9, 2025,
- Updated Oct 9, 2025 6:12 PM IST
Vedanta Group Chairman Anil Agarwal on Thursday suggested that India must increase its domestic oil production to meet future demand and ensure energy security. He referred to projections from BP, which forecast India's oil demand will nearly double by 2050, rising to 9 million barrels per day from the current 5 million barrels per day.
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"According to BP, India's oil demand will be 9 million barrels per day in 2050. That means it will almost double from the current demand of around 5 million barrels per day. Today, we only produce 0.6 million barrels per day. We must produce more in India for our energy security, to save on our import bill and to generate jobs," Agarwal said.
The Vedanta chairman further said that self-certification of clearances will greatly speed up exploration and production.
BP's outlook on India's energy future reveals that while renewables, particularly solar and wind, will see strong growth, coal will remain the dominant source of energy in the country under the current trajectory. Coal's share is expected to stay above 40% in India's energy mix by 2050. However, the demand for oil will grow sharply, with India expected to account for 10% of global consumption by 2050, up from 5% in 2023, according to BP's chief economist Spencer Dole.
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In the past few years, India has witnessed a renewed surge in oil and gas exploration, particularly in offshore regions, underscoring the country's vast untapped hydrocarbon potential
In July this year, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri informed the Parliament that the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022 has been a "landmark development". This move, he added, has unlocked significant exploration frontiers, especially in deepwater and frontier regions such as the Andaman-Nicobar (AN) offshore basin.
In August, Prime Minister Narendra Modi said India is going to launch the National Deep Water Exploration Mission to explore the reserves of oil and gas beneath the sea. He said India was working to become self-reliant and energy independent and therefore, it was moving towards a "Samudra Manthan" (churning of the ocean).
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"We want to work in mission mode to explore the reserves of oil and gas beneath the sea. That is why India is going to launch the National Deep Water Exploration Mission. This is an important announcement towards becoming energy independent," he added.
Vedanta Group Chairman Anil Agarwal on Thursday suggested that India must increase its domestic oil production to meet future demand and ensure energy security. He referred to projections from BP, which forecast India's oil demand will nearly double by 2050, rising to 9 million barrels per day from the current 5 million barrels per day.
Advertisement
"According to BP, India's oil demand will be 9 million barrels per day in 2050. That means it will almost double from the current demand of around 5 million barrels per day. Today, we only produce 0.6 million barrels per day. We must produce more in India for our energy security, to save on our import bill and to generate jobs," Agarwal said.
The Vedanta chairman further said that self-certification of clearances will greatly speed up exploration and production.
BP's outlook on India's energy future reveals that while renewables, particularly solar and wind, will see strong growth, coal will remain the dominant source of energy in the country under the current trajectory. Coal's share is expected to stay above 40% in India's energy mix by 2050. However, the demand for oil will grow sharply, with India expected to account for 10% of global consumption by 2050, up from 5% in 2023, according to BP's chief economist Spencer Dole.
Advertisement
In the past few years, India has witnessed a renewed surge in oil and gas exploration, particularly in offshore regions, underscoring the country's vast untapped hydrocarbon potential
In July this year, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri informed the Parliament that the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022 has been a "landmark development". This move, he added, has unlocked significant exploration frontiers, especially in deepwater and frontier regions such as the Andaman-Nicobar (AN) offshore basin.
In August, Prime Minister Narendra Modi said India is going to launch the National Deep Water Exploration Mission to explore the reserves of oil and gas beneath the sea. He said India was working to become self-reliant and energy independent and therefore, it was moving towards a "Samudra Manthan" (churning of the ocean).
Advertisement
"We want to work in mission mode to explore the reserves of oil and gas beneath the sea. That is why India is going to launch the National Deep Water Exploration Mission. This is an important announcement towards becoming energy independent," he added.
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