India expands LNG sourcing network from 6 to 15 countries, crude oil from 27 to 41 amid geopolitical risks
India has expanded the number of countries from which it sources liquefied natural gas (LNG) from six to 15, as it seeks to reduce the
India has expanded the number of countries from which it sources liquefied natural gas (LNG) from six to 15, as it seeks to reduce the risk of supply disruptions caused by geopolitical tensions and maritime transit challenges, the government told the Rajya Sabha on Monday. The country has also increased the number of countries from which it sources crude oil from 27 to 41, Minister of State for Petroleum and Natural Gas Suresh Gopi said in a written reply to an unstarred question on the impact of geopolitical disruptions and transit risks on energy supplies, ANI reported. The government said the broader sourcing base has helped reduce India's dependence on any single country, region or transit route and strengthened its ability to deal with supply disruptions and market volatility.
"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," Gopi said in the reply. The expansion in LNG sourcing is the latest disclosure by the government, while the increase in crude oil sourcing to 41 countries had been disclosed earlier amid disruptions to energy shipments through West Asia. Also Read | India secures LNG supplies till September amid fresh escalation in West Asia war Government monitoring global energy risks The Ministry of Petroleum and Natural Gas said it is continuously monitoring developments that could affect India's energy supplies. The government, in consultation with public-sector oil and gas companies and other stakeholders, regularly assesses global supply conditions and takes measures to ensure uninterrupted availability of crude oil, LNG and petroleum products, according to the reply.
The move to diversify sourcing comes amid heightened geopolitical tensions and risks to maritime trade routes, which can affect the movement and availability of energy supplies. Also Read | Govt rolls back gas curbs as LNG shipments via Hormuz resumes India plans to expand strategic oil reserves The government also outlined its plans to increase India's strategic petroleum storage capacity. Indian Strategic Petroleum Reserve Limited has established three strategic petroleum reserve facilities in Andhra Pradesh and Karnataka, with a combined capacity of 5.33 million metric tonnes of crude oil. In addition, the government has approved two commercial-cum-strategic petroleum reserve facilities in Odisha and Karnataka, with a combined capacity of 6.5 million metric tonnes.
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