New Delhi: Amid escalating tensions between Israel and Iran and growing volatility in global oil markets, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday assured that India remains well-prepared to meet its fuel needs and maintain energy security.
Reviewing the situation with top officials from the petroleum ministry and heads of public sector oil companies, Puri said India was “comfortably placed” to handle any disruptions in the global oil supply chain. He credited the country’s preparedness to Prime Minister Narendra Modi’s leadership and the government’s efforts to diversify energy imports.
“In the increasingly volatile geopolitical situation, reviewed the petroleum products supply situation with @PetroleumMin officials and our PSU OMCs,” Puri said in a post on X. “Under the visionary leadership of PM @narendramodi Ji, we have diversified our import basket substantially and are comfortably placed to meet our fuel supply needs.”
Executives from state-run oil marketing giants, including Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL) were part of the meeting, which reviewed both domestic readiness and global uncertainties.
The minister also highlighted India’s ongoing push to expand domestic fossil fuel exploration, particularly offshore. Puri said recent exploration efforts in the Andaman region had shown promising signs, with the potential to become India’s “Guyana moment.”
He noted that although India has a vast 3.5 million sq km sedimentary basin, only about 8% of it had been explored so far. “There were parts of the sedimentary basin that were no-go areas. One of the decisions we took was to open up 1 million sq km of that area for exploration and production,” Puri said.
In nine rounds of the Open Acreage Licensing Policy, 38% of the bids have targeted this newly opened area, and Puri expects even greater interest in the upcoming round. “We’ve issued some of the largest bids on offer anywhere — about 2.5 lakh sq km has been put up for bidding,” he said, adding that ONGC has drilled more wells this year than in any year over the past four decades.
Explaining the challenges, Puri pointed out the high costs of offshore drilling. “An onshore well costs around USD 4 million, while an offshore well can go up to USD 100 million,” he said.
The minister’s remarks come as India faces increasing threats to its energy security and trade routes due to the deepening Israel-Iran conflict. Both countries are significant trading partners. In FY25, India exported goods worth USD 1.24 billion to Iran and imported USD 441.9 million, while trade with Israel stood at USD 2.15 billion in exports and USD 1.61 billion in imports.
Officials say any prolonged instability in the region could affect shipping lanes and oil prices, but for now, India appears insulated from immediate shocks.
