Ministry of Petroleum & Natural Gas noted today that Government is making all efforts to reduce import dependence. India's oil and oil equivalent gas import dependence in 2014-15 and 2015-16 were 68.9% and 72.2% respectively and during current April-January, 2020-21 is 77.1%. Exploration and Production activities are taking place over around 275000 sq.km area across different sedimentary basins across India in onshore and offshore areas under Nomination, PSC and RSC Regimes.
Government has also provided functional freedom to National Oil Companies and wider private sector participation by streamlining approval processes including electronic single window mechanism. Ministry of Petroleum and Natural Gas is also working in collaboration with various Central Government Ministries/stakeholders to make efforts to achieve reduction in import dependency on oil.
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