India's Energy Security: Navigating Rising Geopolitical Risks

A parliamentary report highlights India's reliance on imported crude oil, facing risks from geopolitical tensions like the Russia-Ukraine war. The report urges efforts to diversify oil sources, strengthen reserves, and manage risks better. Environmental concerns and challenges in oil exploration further compound the sector's vulnerabilities.

A recent parliamentary committee report has raised concerns over India's significant reliance on crude oil imports, emphasizing the potential threats posed by geopolitical tensions, such as the Russia-Ukraine conflict and Middle Eastern unrest. As India imports nearly 89% of its crude oil needs, the nation is susceptible to disruptions from international crises.

The report, from the Public Undertaking Committee, recommends that the Ministry of Petroleum and Natural Gas (MoPNG) and state-run oil companies enhance efforts to diversify crude oil sources geographically and contractually. Strengthening strategic petroleum reserves and developing alternative import routes were also among the advised strategies to ensure energy security.

Amid these challenges, the sector must also navigate internal issues like ageing oil fields, project delays, and environmental concerns, such as greenhouse gas emissions and pollution. The report highlights the need for coordinated diplomatic efforts and digital risk management frameworks to secure a sustainable energy future for India.

(With inputs from agencies.)