India Confident of Fuel Security Amid West Asia Tensions, Says Petroleum Minister Hardeep Singh Puri

New Delhi: Amid rising geopolitical tensions in the Middle East and volatile global oil markets, Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday reaffirmed India’s preparedness to meet its energy needs. The assurance came following a high-level review meeting with top officials from the Petroleum Ministry and heads of state-run oil companies, including Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), and Bharat Petroleum Corporation Ltd (BPCL).

Taking to social media platform X, Minister Puri stated, “In the increasingly volatile geopolitical situation, reviewed the petroleum products supply situation with @PetroleumMin officials and our PSU OMCs. 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.”

He emphasized that India’s strategic energy planning, including diversification of oil import sources and a renewed focus on domestic exploration, has made the country resilient in the face of external shocks. India, he said, is better equipped today to handle supply disruptions due to geopolitical unrest, thanks to decisive policy interventions and long-term energy planning.

Earlier in the day, while speaking to ANI, Minister Puri highlighted the underutilized potential of India’s sedimentary basins. Of the 3.5 million square kilometers available for oil and gas exploration, only 8% had been explored until recently. However, the current government has taken bold steps to open up previously restricted areas, particularly offshore regions, including the Andaman basin.

“There were parts of the sedimentary basin that were classified as no-go zones. Our government took the decision to unlock nearly 1 million square kilometers of this previously inaccessible area for exploration and production,” said Puri.

He revealed that in the last nine rounds of the Open Acreage Licensing Policy (OALP), 38% of bids were for these newly opened zones, and he expects this to rise to over 75% in the upcoming round. “We’ve issued some of the largest bid invitations in global comparison — around 2.5 lakh square kilometers of area has been offered,” he added.

The Minister also spoke optimistically about recent exploratory drilling activities in the Andaman region, hinting that India may be on the verge of its own “Guyana moment,” referencing the small South American nation’s transformational oil discovery. He noted that ONGC, India’s leading exploration and production firm, has drilled the highest number of wells in a single year in nearly four decades.

While highlighting the promise of India’s hydrocarbon reserves — estimated at 42 billion tonnes of oil and gas equivalent — Puri acknowledged the high capital expenditure involved in offshore drilling. “An onshore well costs about USD 4 million, while an offshore well can cost up to USD 100 million,” he noted, underscoring the need for strategic investment and partnerships in deep-sea exploration.

The backdrop to this reassurance is growing instability in West Asia, especially the escalating Israel-Iran conflict, which threatens India’s energy security and trade ties. According to data from FY2025, India exported goods worth USD 1.24 billion to Iran and imported goods valued at USD 441.9 million. Trade with Israel was even more substantial, with USD 2.15 billion in exports and USD 1.61 billion in imports.

As conflict intensifies, potential disruptions to oil supply routes, trade logistics, and shipping through the Strait of Hormuz — a key maritime chokepoint — could pose risks to India’s energy security. However, the government maintains that current strategic reserves and diversification measures provide a safety cushion against immediate shocks.

With a proactive push towards domestic exploration, diversification of energy imports, and real-time monitoring of global developments, India is aiming to safeguard its fuel supplies even in turbulent times. Minister Puri’s message was clear: India is not only prepared to face present challenges but is actively working to reduce long-term dependency through strategic foresight and bold policy shifts.