India Opens 99% of Offshore Area for Oil Exploration, Expands Import Sources
India has dramatically expanded its energy security strategy by opening 99% of its offshore area for oil and gas exploration and diversifying crude imports from 27 to over 40 countries, Petroleum Minister Hardeep Singh Puri announced.
Key Energy Security Initiatives
- 99% of offshore areas now open for oil and gas exploration
- Crude import sources expanded from 27 to over 40 countries
- Four-pillar strategy for secure, affordable, sustainable energy
- Green Hydrogen Mission and Ujjwala scheme driving clean energy transition
Four Pillars of India’s Energy Strategy
Minister Puri outlined the comprehensive approach: diversification of crude imports, innovation, domestic exploration expansion, and clean energy transition. The clean energy push includes the Green Hydrogen Mission and the Ujjwala scheme, which has provided 10.60 crore families with subsidised LPG, replacing traditional fuels like firewood and dung cakes.
“Under Prime Minister Narendra Modi’s leadership, Bharat is building a cleaner, stronger, and self-sufficient energy future.”
Global Price Stabilization Role
India’s strategic diversification has played a crucial role in stabilizing global oil markets. “India’s oil purchases from Moscow played an important role in preventing a sharp spike in global prices,” Puri stated, noting that crude prices could have reached $130 per barrel without India-Russia trade during the Ukraine war.
Russia’s share in India’s crude imports has surged from just 0.2% before the conflict to nearly 40% currently.
Strengthening International Partnerships
Earlier this week, Minister Puri met with Brazil’s Vice President Geraldo Alckmin to strengthen the growing energy partnership between the two nations. The discussions focused on under Prime Minister Modi’s leadership.
