Global energy majors Chevron Corp., Exxon Mobil Corp. and TotalEnergies are interested in investing in India's oil and gas E&P sector, the country's oil minister said in a speech on Jan. 13.

India, the world's third biggest oil importer and consumer, buys more than 84% of its oil needs from overseas and wants to quickly monetize its hydrocarbon reserves to reduce its dependence on costly imports.

"India is ready to explore opportunities for joint development production of oil and gas assets for mutual benefit and also invites investment in our domestic E&P sector," Hardeep Singh Puri said.

The minister added that India aims to double the area under oil and gas exploration to 500,000 sq km by 2025.