In FY24, ONGC drilled 541 wells, the highest in 37 years, including 103 exploration wells and 438 development wells. The company also recorded the highest capital expenditure of ₹37,000 crore.

India is getting closer to discovering a huge oil reserve in the Andaman Sea, which could prove to be a game-changer for the country’s energy security and economic growth

Union Petroleum and Natural Gas Minister Hardeep Singh Puri has recently hinted at this possibility in an interview to The New Indian Express. He said in the interview that the Andaman Sea may have reserves of up to 1.84 lakh crore liters of crude oil, which is equal to the discovery in Guyana.

Puri said, “After the Krishna-Godavari basin, we have now found positive signs of oil in the Andaman Sea as well. I am confident that this discovery will help India’s economy grow from $3.7 trillion to $20 trillion.” Like Guyana, where American and Chinese companies changed the country’s economic condition by discovering huge oil reserves in the sea, India is also moving towards the same success

Deep mining in the ocean started

The government has made policy reforms and increased investments in the last few years to explore oil and gas in unexplored marine basins. Public sector companies such as ONGC and Oil India Limited have started drilling in the deep sea area of ​​​​Andaman.

ONGC drilled 541 wells, the highest in 37 years, in FY 2024, including 103 exploration wells and 438 development wells. The company also recorded the highest capital expenditure of ₹ 37,000 crore.

About 85% of India’s current crude oil needs are dependent on imports, which weakens the country’s energy security. Successful discovery in the Andaman Sea will reduce dependence on imports and strengthen the country’s energy independence. Along with this, increased domestic availability of oil will stabilize petrol and diesel prices and give new impetus to economic development

Puri said that 43-44 wells were dug to find oil in Guyana, out of which oil was found in the 41st well. India is also facing similar challenges, but it is expected that success will be achieved soon.

The discovery of oil in the Andaman Sea will not only revolutionise the energy sector for India but will also strengthen the country’s position in the global oil market. This discovery can establish India as a major oil producing country and will take the country to new heights economically.

If India exports oil what would be it’s position in the world

India is currently a net importer of crude oil, meaning it buys more crude oil than it produces domestically. It meets over 95% of its oil needs through imports, and its oil demand is projected to grow significantly, making it the leading driver of global oil demand growth by 2030.
However, it’s important to note that India is a net exporter of refined petroleum products. This means that while it imports crude oil, its advanced refining capabilities allow it to process that crude into various petroleum products (like diesel and petrol) and then export a significant portion of these refined products. In fact, India was the second-largest exporter of refined petroleum products in 2023, after the United States.
If India were to become a net exporter of crude oil, its position in the world would drastically change, leading to several significant impacts:

• Enhanced Energy Security and Independence: This would be the most immediate and profound impact. India would no longer be heavily reliant on foreign oil, reducing its vulnerability to global oil price fluctuations, geopolitical tensions in oil-producing regions, and supply disruptions. This would significantly improve its strategic autonomy.
• Economic Strength and Stability:
• Reduced Import Bill: The massive foreign exchange currently spent on crude oil imports would be saved, significantly improving India’s balance of payments and strengthening its currency.
• Increased Export Revenue: Oil exports would become a major source of foreign exchange earnings, boosting the economy.
• Fiscal Stability: Government revenues from oil exports (taxes, royalties) would likely increase, potentially allowing for greater investment in other sectors, social programs, or debt reduction.
• Job Creation: The expansion of oil exploration, production, and associated industries would create numerous jobs.
• Geopolitical Influence:
• Increased Clout in Energy Markets: As a major oil exporter, India would gain significant leverage in global energy discussions and organizations like OPEC+.
• Stronger Diplomatic Ties: It would likely form new strategic alliances with energy-importing nations and potentially reshape existing diplomatic relationships.
• Regional Power: Its enhanced energy security and economic strength would solidify its position as a major regional power.
• Domestic Impact:
• Lower Domestic Fuel Prices (Potentially): While export demand would exist, increased domestic supply could lead to more stable or even lower fuel prices for consumers, boosting economic activity.
• Industrial Growth: Reliable and potentially cheaper energy could fuel growth in various energy-intensive industries.
• Investment in Infrastructure: Increased revenue could be invested in improving infrastructure related to oil production, transportation, and refining, as well as broader development projects.
  Challenges and Considerations:
• Environmental Concerns: Increased oil production and export would need to be balanced with environmental considerations and commitments to renewable energy and climate change mitigation.
• Volatile Oil Prices: While exports would bring revenue, reliance on oil exports can also make an economy vulnerable to global oil price volatility, similar to many current oil-exporting nations. Diversification of the economy would still be crucial.
• Resource Depletion: Oil is a finite resource. A long-term strategy for energy diversification and transition to renewables would be essential.
  In summary, if India were to transition from a significant oil importer to a net oil exporter, it would transform its economic, geopolitical, and strategic standing, elevating it to a much more influential position on the global stage. However, this hypothetical scenario would also come with its own set of challenges that would need careful management.

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