Indian Government’s focus on domestic exploration is paying dividends – the country is 𝐜𝐥𝐨𝐬𝐞 𝐭𝐨 𝐚 𝐦𝐚𝐣𝐨𝐫 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐨𝐢𝐥 𝐝𝐢𝐬𝐜𝐨𝐯𝐞𝐫𝐲 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐧𝐝𝐚𝐦𝐚𝐧 𝐒𝐞𝐚. Experts estimate that the reserves in the region could amount to 1.8444 trillion litres of crude oil. This is good news for an energy-hungry country that imports 85% of its crude oil.
India has 𝟑.𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐬𝐪𝐮𝐚𝐫𝐞 𝐤𝐢𝐥𝐨𝐦𝐞𝐭𝐫𝐞𝐬 𝐨𝐟 𝐬𝐞𝐝𝐢𝐦𝐞𝐧𝐭𝐚𝐫𝐲 𝐛𝐚𝐬𝐢𝐧𝐬, only 𝟖% 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐞𝐱𝐩𝐥𝐨𝐫𝐞𝐝. A large part of EEZ remains untapped. The government has now opened 1 million square kilometres of previously restricted basins for exploration and Production (E&P) including key offshore areas near the Andaman and Nicobar Islands.
Is this India’s Guyana moment?
A major offshore discovery significantly transformed Guyana’s economy. Experts believe a similar breakthrough in the Andamans could enhance India’s energy independence.
Will this discovery accelerate India’s journey to becoming the 3rd largest economy globally. Views would be welcome.
𝐃𝐢𝐬𝐜𝐥𝐚𝐢𝐦𝐞𝐫: This article has references to official and open sources, including Hindustan Times, Money Control, Business Today and CNBC.
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