India has opened 99 % of its offshore waters for oil and gas exploration, a move that the government says will boost the country’s energy security and keep prices steady for consumers. Petroleum Minister Hardeep Singh Puri announced the expansion on Sunday, noting that India’s import basket now covers more than 40 countries—up from 27 before.
The ministry explained that the shift is part of a four‑point energy strategy:
- Diversify crude sources – India now buys almost 40 % of its oil from Russia, up from a tiny 0.2 % before the Ukraine war. This wider range of suppliers keeps prices from spiking.
- Promote domestic exploration – 99 % of offshore territory is now open to development, giving local companies more chances to find new reserves.
- Drive innovation – Projects like the Green Hydrogen Mission aim to move India toward cleaner energy.
- Support households with clean cooking fuel – Under Prime Minister Narendra Modi’s Ujjwala scheme, 10.60 million families now have subsidised LPG stoves, cutting firewood and dung cake use.
“We’re building a cleaner, stronger, self‑sufficient energy future,” Puri said in a post on X. “India’s strategy is all about securing affordable, sustainable energy for every citizen.”
The government reiterated that its oil and gas import policy is customer‑focused. “In a volatile global market, we always put the Indian consumer first and aim to keep prices stable and supplies secure,” a Ministry of External Affairs spokesperson explained.
This stance comes amid comments by former U.S. President Donald Trump, who noted that Modi had pledged to cut Russian oil purchases. India has continued its long‑term energy ties with Russia and is looking to deepen cooperation with the United States, with talks ongoing.
Puri highlighted the role of the India‑Russia oil deal: “Without this partnership, crude prices could have reached $130 a barrel during the Ukraine war.” The increased share of Russian oil—now about 40 % of India’s imports—has helped cushion global price swings.
With these steps, India is tightening its energy supply chain, expanding exploration opportunities, and investing in cleaner technologies, all while safeguarding consumers against market volatility.
Source: ianslive
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