Chandigarh, Dec 13th: Vedanta Chairman Anil Agarwal has welcomed the Government of India’s reforms to the oil and gas regulatory framework, calling the move a “truly historic development” that could unlock India’s long-identified but underutilised hydrocarbon reserves.

Agarwal congratulated Prime Minister Narendra Modi and Union Petroleum Minister Hardeep Singh Puri, stating that the newly notified rules represent a decisive policy shift aimed at accelerating domestic exploration and production. “The world has always known the scale of India’s untapped reserves. These reforms finally create the environment needed to unlock them,” he said.

Highlighting India’s position as one of the producers of globally affordable oil and gas, Agarwal said the liberalised regime will directly benefit consumers—“especially the poorest”—by reducing import dependency and improving supply security.

He underscored the reform’s potential to democratise India’s energy ecosystem, noting that the sector has now been opened to entrepreneurs, start-ups, young innovators, and even university students, who can take up exploration with minimal investment. He termed the shift a transformational step that could widen India’s exploration base significantly.

Drawing parallels with the United States’ energy revolution, Agarwal said that an inclusive regulatory environment had enabled nearly 20,000 companies and individuals to participate in exploration there, turning the US from a major importer into an energy-surplus economy. “India is now poised to follow a similar path,” he added.

Agarwal called the amendment a once-in-a-generation reform. “Our energy security is both our greatest challenge and an extraordinary opportunity. With these changes, I am confident India can produce at least 50% of its total energy domestically in the coming years.”

Industry analysts expect the Government’s overhaul to spur fresh investment, widen participation in the upstream sector, and reinforce India’s long-term energy resilience, especially as the country seeks to secure stable and affordable energy supplies amid global volatility.