Daijiworld Media Network – New Delhi
New Delhi, Jun 17: As geopolitical tensions in West Asia escalate, particularly with the intensifying Israel-Iran conflict, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday assured the nation that India is well-positioned to meet its fuel demands without disruption.
Chairing a high-level review meeting in the capital with senior officials from the Petroleum Ministry and heads of state-run oil majors—Indian Oil Corporation (IOCL), Hindustan Petroleum (HPCL), and Bharat Petroleum (BPCL)—Minister Puri emphasized the government’s preparedness and strategic foresight.
“In this increasingly volatile geopolitical landscape, I reviewed the petroleum supply situation with our ministry officials and public sector oil companies,” Puri said in a post on X. “Under the visionary leadership of Prime Minister Narendra Modi ji, India has substantially diversified its oil import basket and is comfortably placed to meet its energy needs.”
The meeting comes amid heightened concerns over the volatility of global oil prices and potential supply chain disruptions due to the Middle East crisis. However, Minister Puri reiterated that India’s energy security remains intact.
Highlighting the government's proactive exploration efforts, the minister revealed promising developments in the Andaman region. "We are witnessing what could be India’s 'Guyana moment'," he told ANI, referring to the massive offshore oil discovery that transformed Guyana's energy fortunes. “India has 3.5 million sq. km of sedimentary basins, of which only 8% was earlier explored. Our government opened up 1 million sq. km of previously restricted area for exploration and production.”
In recent bidding rounds under the Open Acreage Licensing Policy (OALP), a significant portion of bids—38%—have been focused on these newly accessible areas. Mr Puri expects participation to rise to over 75% in the next round, currently in preparation.
"India may be sitting on oil and gas resources equivalent to 42 billion tonnes within these basins," he added. “While offshore drilling is capital intensive—averaging USD 100 million per well—it’s a critical investment for long-term energy independence.”
The minister also noted that ONGC, the country’s premier oil explorer, has recorded the highest number of wells drilled in nearly 40 years this year.
As trade and energy ties with both Israel and Iran face potential setbacks, India is bracing for the economic ripple effects. In FY2025, India exported goods worth USD 1.24 billion to Iran and imported USD 441.9 million. With Israel, the trade figures are even higher: USD 2.15 billion in exports and USD 1.61 billion in imports.
Yet, amid these global uncertainties, the Indian government is reassuring its citizens and industries that the nation's fuel supply remains secure and resilient.