With over 85% of its crude oil needs met through imports , India remains in constant search to reduce its dependency on importing nations. Now India is on the brink of major oil discovery in Andaman Sea that has the potential of transforming Indian economy. Union Petroleum and Natural Gas Minister Hardeep Singh Puri informed that India has several Guyana-sized oil reserves in Andamans.
As per the information shared by Hardeep Singh Puri, if the current drilling efforts pays off, it will boost India’s energy independence and will transform its $3.7 trillion economy. Puri highlighted that this discovery would multiply India’s GDP by 5 times. Puri released the statement in reference to Guyana, which recently discovered massive oil reserves. He further stressed that Guyana dug approx. 43-46 wells with each costing $100 million.
India is the third largest importer of crude oil. Domestic production is currently centred in Assam, Gujarat, Rajasthan, Mumbai High and the Krishna-Godavari Basin. The Andaman exploration will help India reduce its dependence on importing nations.