3 weeks ago

India doubles LNG sourcing to 15 nations amid supply risks

India doubles LNG sourcing to 15 nations amid supply risks
India expands LNG sourcing network from 6 to 15 countries, crude oil from 27 to 41 amid geopolitical risks · livemint.com

India needs lots of energy, like gas and oil, to keep its cars, factories and homes running.

Much of this energy is bought from other countries.

It used to buy fuel from just a few countries.

Now India buys liquefied natural gas, called LNG, from 15 countries instead of only six.

It also buys crude oil from 41 countries instead of 27.

Buying from many different countries is safer for India.

If one country has problems or a shipment is delayed, India can still get fuel from other places.

India is also building big underground storage tanks to hold extra oil.

These tanks can be used in an emergency, such as when prices suddenly go up or supplies are interrupted.

Having many sources and stored fuel helps keep India's energy supply steady even when the world is uncertain.

Key facts

LNG supplier countries
Expanded from 6 to 15
Crude oil supplier countries
Expanded from 27 to 41
Existing strategic storage capacity
5.33 MMT across three ISPRL facilities in Andhra Pradesh and Karnataka
New approved reserve projects
Chandikhol (Odisha) and Padur (Karnataka), adding 6.5 MMT; approved July 2021
New capacity status
Not currently available for use; no commissioning timeline provided
ONGC strategic reserve
1.75 MMT in Karnataka, half reserved for strategic use
Crude oil import dependence
Over 85 per cent
Announced by
Minister of State Suresh Gopi in a Rajya Sabha written reply

Quotes

Minister of State for Petroleum and Natural Gas Suresh Gopi

Government minister overseeing petroleum and natural gas

“"This diversification has reduced dependence on any particular country, region or transit route and enhanced India’s ability to manage supply disruptions and market volatility."”
thehansindia.com livemint.com firstpost.com

Sources

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