India hit MASSIVE Jackpot amid Israel-Iran WAR, discovers THIS mineral equal to those in Guyana, economy likely to..., Govt says...
India hits jackpot
New Delhi: India is highly dependent on other countries when it comes to crude oil. According to the data, India imports over 85 percent of its crude oil from other countries. It is important to note that India is the third-largest importer of crude oil in the world — with the United States at number one and China at number two. Amid this, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has made a significant claim regarding crude oil reserves.
While talking exclusively to Indian Express, the minister has stated that India is on the verge of discovering a transformational oil reserve in the Andaman Sea. He compared it to the massive discovery made by Hess Corporation and CNOOC in Guyana. Guyana ranks 17th in the world in terms of oil reserves, with an estimated 11.6 billion barrels of oil and gas.
There would be a major breakthrough if India manages to succeed in discovering oil reserves in the Andaman Sea comparable to those in Guyana. Our dependence on other nations would decrease, and we would be able to produce the oil we need domestically. This discovery could be a game-changer for India
In India, Assam, Gujarat, Rajasthan, Mumbai High, and the Krishna-Godavari Basin are some of the places where crude is found. In addition, strategic reserves are located in Visakhapatnam, Mangalore, and Padur. New reserves have been proposed in Odisha and Rajasthan. Meanwhile, oil and gas exploration is ongoing in the Andaman and Nicobar Islands. Companies like Oil India and ONGC are conducting drilling and survey operations there.
India will hit a jackpot if it discovers oil reserves in the Andaman region. This is because we currently import around 85 to 88 percent of our oil requirements from other countries.
Union Minister for Petroleum and Natural Gas, Hardeep Singh 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 further added that apart from smaller discoveries, if India manages to find oil reserves in the Andaman region comparable to those in Guyana, the country could transform from a $3.7 trillion economy to a $20 trillion economy.
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