Roadmap soon to achieve self sufficiency in oil by 2030: Moily

By 2020, dependence on imported oil will be reduced by 50% and 75% by 2025

Union Petroleum and Natural Gas Minister M Veerappa Moily today said the Vijay Kelkar committee, appointed by the government is preparing the roadmap to make India self sufficient in oil and natural gas by 2030. “Be it our government or that of National Democratic Alliance, the roadmap would be in place by the desired time,” he said.

By 2020, the dependence on imported oil will be reduced by 50% and 75% by 2025 and achieve self sufficiency by 2030, he said, here today.

Speaking to reporters after launching the 5-kg cylinder here this evening, he said the petroleum ministry has already started the work on exploring new oil and gas deposits at various places in the country including Cauvery basin and west coast besides the desert in Rajasthan. "We have huge deposits of oil and gas in the country. But we need more private sector players to come forward and invest in new oil and gas exploration blocks.

“It costs Rs 7 crore to dig a well and not many are ready to invest in the sector,” he said.

The Hindustan Petroleum Corporation Limited has commenced work on the 9 million tonne per annum refinery at Barmer in Rajasthan, which will be ready in the next three years. However, the capacity will be further increased to 15 million tonne per annum by the time it is completed, Moily said adding that the refinery will use the domestic crude for the first time found in Rajasthan's deserts.