In a bold address at an energy security summit organized by the PNGRB, ONGC’s top executive Arun Kumar Singh called for a strategic overhaul of India’s energy imports. The recent turmoil in West Asia has laid bare the fragility of the country’s supply chains, sparking widespread disruptions.
Roughly half of India’s crude oil needs, a third of its natural gas, and almost all LPG come from Middle Eastern suppliers. Singh warned against complacency born of proximity: ‘Don’t assume closeness guarantees smooth access.’
A major Gulf shipping corridor was blocked for six weeks, halting exports and forcing Indian officials to ration gas for essential industries. This incident exemplifies the risks of an increasingly unstable world.
‘Decisive changes are underway globally,’ Singh noted. ‘Deglobalization will bring more headaches, especially for import-heavy nations like ours.’ He stressed that domestic output ramp-up is imperative.
‘Find oil and gas wherever it hides in our territory, no matter the price,’ he urged, acknowledging deep-sea drilling hurdles. Enhancing strategic reserves is equally critical to weather market volatilities, where refining profits now outpace crude prices in odd instances.
Singh’s vision prioritizes self-reliance through intensified exploration and stockpiling. As global energy markets grow erratic, India’s path forward demands bold, immediate steps to fortify its energy independence and economic stability.
