Government sets a goal of slashing crude oil imports by half by 2020.
It then intends to cut this dependence by 75% in 2025, said Union Petroleum and Natural Gas Minister M Veerappa Moily.
"We are taking every possible initiative to work towards our goal of attaining self-sufficiency in petroleum," Moily said.
He said China and the United States have significantly increased gas production in the last few years and that India, too, can change its energy landscape in the short term.
India now produces 73 billion barrels of oil and equivalent gas and has a reserve of some 133 billion barrels. Moily said that with the speedy implementation of new energy exploration policies, India will be able to meet its energy independence goals.
Indian crude oil production is expected to reach 42.3 million tonnes this year, an increase of 11.1 million tonnes compared to last year.
Do you know more about this story? Contact us anonymously through this link.