Source : DNA INDIA NEWS
Currently, India imports more than 85 per cent of its crude oil from other countries. It is the third-largest oil importer in the world, after the United States and China.
India could be on the verge of a historic oil discovery in the Andaman Sea that might change the country’s energy future. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has claimed that India may soon find a massive crude oil reserve similar to the one discovered in Guyana. This, he says, could significantly reduce India’s dependence on oil imports. Currently, India imports more than 85 per cent of its crude oil from other countries. It is the third-largest oil importer in the world, after the United States and China. The country’s high dependence on foreign oil puts a lot of pressure on its economy, especially when global prices rise.
Speaking to the Indian Express, Puri said, “I believe it’s only a matter of time before we discover a major Guyana-like reserve in the Andaman Sea. Our exploration is ongoing.”
He was referring to Guyana’s discovery of around 11.6 billion barrels of oil and gas, made by Hess Corporation and China’s CNOOC. That discovery turned Guyana into one of the most promising oil-producing nations, now ranked 17th globally in oil reserves.
If India finds a similar reserve, it could be a game-changer. The country would be able to reduce its oil imports and rely more on domestic production. This would help strengthen India’s economy and energy security.
Currently, oil is produced in parts of India such as Assam, Gujarat, Rajasthan, the Krishna-Godavari Basin, and Mumbai High. Strategic oil reserves are stored in Visakhapatnam, Mangalore, and Padur, while new storage sites are being planned in Odisha and Rajasthan. Exploration work is also underway in the Andaman and Nicobar Islands, led by companies like Oil India and ONGC.
Puri added that a discovery in the Andaman region could boost India’s economy from $3.7 trillion to $20 trillion in the long run.
For now, all eyes are on the Andaman Sea as India continues its deep-sea exploration. If successful, this discovery could mark a major turning point for the nation’s energy independence and economic growth.
SOURCE : DNA NEW
