India is dependent on other countries in terms of crude oil. India imports 85 percent of its needs from other countries. India is the third largest importer of crude oil in the world, in which America is first and China is second. Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has made a big claim regarding crude oil reserves.
Talking to Indian Express, he said that India is on the verge of discovery of a transformational oil reserves in Andaman Sagar. He compared it to the huge discovery of Hayes Corporation and CNOOC in Guyana. Guyana ranks 17th in the world in terms of oil reserves, where the estimated 11.6 billion barrels and gas are oil.
The Petroleum Minister said that if India succeeds in finding oil reserves in the Andaman Sea equal to Guyana, then it will be a big success. Our dependence on other countries will be reduced and we will be able to produce oil in our country according to our needs.
‘Oil and gas discovery continues in Andaman and Nicobar Islands’
Assam, Gujarat, Rajasthan, Mumbai and Krishna-Godavari basins in India are some places where crude oil is found. Apart from this, strategic reserves are located in Visakhapatnam, Mangalore and Padur. New reserves have been proposed in Odisha and Rajasthan. Meanwhile, the discovery of oil and gas continues in the Andaman and Nicobar Islands. Companies like Oil India and ONGC are doing drilling and survey work there.
Union Minister Hardeep Singh Puri said that I believe that it is only a matter of time that we should find a big store like Guyana in the Andaman Sea, our discovery is going on. He further said that apart from small discoveries, if India succeeds in finding equal oil reserves of Guyana in the Andaman region, the country can turn into a $ 20 trillion economy from the $ 3.7 trillion economy.
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