Blitz Bureau
NEW DELHI: INDIA has opened up 99 per cent of its offshore area for oil and gas exploration and widened the import basket of crude to over 40 countries from 27 earlier, as part of a four-pronged approach that is shaping “a future where energy is secure, affordable and sustainable”.
The country’s energy journey stands on “four strong pillars” which include diversification of crude imports, innovation, increase in domestic exploration of oil and gas, and a clean transition reflected in the Green Hydrogen Mission and 10.60 crore Ujjwala families who have benefited under the PM’s scheme for subsidised LPG as clean cooking fuel for the poor to replace firewood and dung cakes.
“Under Prime Minister Narendra Modi’s leadership, Bharat is building a cleaner, stronger and self-sufficient energy future,” Petroleum Minister Hardeep Singh Puri said in a post on X. The minister shared that India’s gas pipeline network, which spans 24,500 km, is being expanded to 33,000 km by 2030 to ensure wider energy access.
The Government has said that its import policy for oil and gas is guided entirely by the interests of the Indian consumer amid a volatile global energy market. The statement was issued hours after US President Donald Trump said in Washington that Prime Minister Narendra Modi has “assured him that India will reduce purchases of Russian crude oil”.
“India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective. Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions,” Ministry of External Affairs spokesman Randhir Jaiswal said. Puri had earlier pointed out that India has diversified its sources for buying oil in the global market. India’s oil purchases from Moscow had played an important role in stabilising prices in the global market, he said.
He said crude oil prices could have skyrocketed to $130 per barrel in the absence of the India-Russia oil trade, when the Ukraine war began in 2022. Prior to the Russia-Ukraine war, India used to buy a mere 0.2 per cent of its crude imports’ requirement from Moscow. This, today, stands close to 40 per cent.
