Oil dependency in Inia
India is the world's third-largest importer of oil. India produces around 36 Million Metric Tons (MMT) of crude oil whereas, the requirement or consumption is about 200 MMT. Most crude oil imports in India are from China, U.S., Iraq, Saudi Arabia, and UAE. Also, Bombay High in the Western offshore and KG Basin on the Eastern offshore have given good results and the country is producing a large share of oil and gas from these fields. How can India reduce its dependency on oil imports? Reducing reliance on imported oil is an essential priority for the Country. A few steps to reduce India’s dependency on oil imports include: · Increasing domestic oil production: India can invest in technologies and practices that can help increase its domestic oil production, such as offshore drilling, hydraulic fracturing, and enhanced oil recovery. · Developing alternative energy sources: ...