Analysis: India’s energy security quest

India is poised to buy new oil assets overseas to meet its long-cherished energy security dream, Indian energy experts said Thursday.

As domestic oil production is declining alarmingly, India is aiming to try all available options.

“India is looking for opportunities to acquire new oilfields abroad because its domestic oil and gas production have increasingly declined,” said energy expert Ravi Mahajan, explaining that India’s current requirement of crude oil is 115 million tons a year, while domestic output is static at about 33 million tons a year.

UPI