India must be cautious about West Asia energy reliance: ONGC

NEW DELHI: As the world scrambles to recover from the biggest energy shock in decades triggered by the West Asia conflict, India should be cautious about relying on traditional supply assumptions, particularly its proximity to the West Asia for sourcing oil and gas, ONGC chairman and CEO Arun Kumar Singh said on Friday.

India, which relied on the West Asia to meet nearly half of its crude oil imports, 30% of its gas and 85-90% of LPG, must invest in building strategic storages as an insurance against price and supply disruptions, he said.

"Thinking that the West Asia is nearest to us and therefore all their resources (can be accessed easily), we should take it with a pinch of salt," Singh said at the Energy Security conclave organised by oil regulator PNGRB.

Singh warned that a shifting global order and rising geopolitical tensions are undermining long-held assumptions about energy security. Calling for a strategic reset, he urged India to aggressively pursue domestic exploration and build resilience. agencies




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