India's 90% import trap: Vedanta's Anil Agarwal urges push to unlock 300 billion barrels of oil

Marking Global Energy Independence Day, Vedanta Chairman Anil Agarwal called for a national movement to accelerate domestic oil and gas exploration, saying India has a historic opportunity to unlock its estimated 300 billion barrels equivalent of hydrocarbon resources and reduce its dependence on imported energy. 

He also reaffirmed Vedanta Oil & Gas' ambition to produce 500,000 barrels of oil equivalent per day (boepd), with a long-term aspiration of reaching 1 million boepd, positioning the company to play a pivotal role in India's journey towards energy security. 

Despite being one of the world's fastest-growing energy markets, India currently imports nearly 90% of its oil and gas requirements, leaving the economy exposed to global supply disruptions and price volatility.

Yet, the country possesses an estimated 300 billion barrels equivalent of potential hydrocarbon resources. Cairn, Vedanta is committed to unlocking this vast resource base through accelerated exploration, enhanced oil recovery through the deployment of advanced technologies.

Through stable long-term policy framework and sustained investment, India has the potential to strengthen energy security, reduce import dependence, generate high-quality employment and enhance industrial competitiveness. 

Commenting on the occasion, Anil Agarwal, Chairman, Vedanta, said: "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. India has abundant natural resources, world-class technical talent and entrepreneurial capability. What we need now is a national movement that accelerates exploration, encourages investment, fosters innovation and creates a stable policy environment for responsible resource development."

"Nearly 10% of the world's oil and gas professionals are Indians, and this talent, combined with our vast resource potential, gives us a unique opportunity to transform India's energy future. If we unlock our hydrocarbon resources responsibly, energy independence can become a powerful driver of economic growth, employment and Viksit Bharat," he added. 

India remains significantly under-explored for hydrocarbons, with large prospective sedimentary basins yet to be systematically explored, highlighting the significant headroom for expanding exploration and domestic production. To counter this, the nation has opened large no-go areas in deep and ultra-deepwater blocks. This aligns with the Prime Minister’s vision of the National Deepwater Exploration Mission (Samudra Manthan) and investment opportunities worth $500 billion in its energy sector by the end of this decade. 

Achieving long-term energy independence will require sustained collaboration between government, industry, entrepreneurs, and technology innovators. This must be supported by a predictable policy and regulatory framework that encourages investment and innovation. Further policy support aimed at incentivising exploration, streamlining regulatory processes, and encouraging technology-led resource development will be critical. 

Agarwal has consistently advocated for a "green revolution below the ground" — one that responsibly unlocks India's natural resources while creating jobs, strengthening domestic manufacturing, and reducing reliance on imported energy. The company believes that accelerating exploration today will not only improve India's energy security but also unlock long-term economic value for future generations. 

Vedanta Oil and Gas has built one of India's largest private upstream portfolios, with interests across 44 onshore and offshore blocks spanning nearly 47,000 sq km across Rajasthan, Gujarat, Assam, and Andhra Pradesh, covering both conventional and unconventional hydrocarbon resources.