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The global crisis arising out of the ongoing war in West Asia and the closure of the strategically important Strait of Hormuz has once again proved how important it is for India to be self-reliant in the energy sector. Currently, India imports about 85% of its crude oil and 90% of natural gas from other countries. When the supply chain was disrupted due to the Iran crisis, the country faced a major energy crisis. But in the meantime, a very relieving and very good news has emerged for India.
A huge reserve of oil has been found in Ashoknagar (Kasba area) of North 24 Parganas district. According to initial estimates, this new oil field will have approximately 240 million barrels (240 million barrels) There are hidden reserves of crude oil, which can change the fate of India in the future.
East India’s first big oil field: Center and state are working together
This oil reserve found in Ashoknagar is historic, because it has become the first area in the entire Eastern India where the presence of such a large quantity of crude oil has been discovered. Actually, Oil and Natural Gas Corporation (ONGC) had discovered this reserve in the year 2018 itself. But at that time, due to local level protests and lack of administrative support, ONGC had to stop the drilling work here midway.
Now the new government of the state has taken positive steps in this direction and has sought cooperation from the Central Government, so that oil production can be started from this strategic reserve as soon as possible. It is a matter of relief that after the mutual consent of both the governments, the drilling work on the land has been started rapidly and very soon the process of extracting oil on commercial level will start from here.
India’s third major success after Rajasthan and Andaman
India has been running big campaigns for oil and gas exploration at domestic level for some time now, in which it is getting continuous success:
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Jaisalmer Basin of Rajasthan: India has found a large reserve of natural gas in Dandewala in Jaisalmer district of Rajasthan. According to the Petroleum Ministry, Oil India Limited (OILThe discovery made by ) has seen gas flow at a speed of 25,000 standard cubic meters per day (SCMD). Scientists have found strong signs of gas in the rock layer called ‘Sanu Formation’ here.
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Treasure of Andaman Sea: Last year, India had a huge success in the ‘Sri Vijayapuram 2’ well in the Andaman Basin. It was confirmed that there were reserves of about 307 to 370 million metric tons of oil equivalent natural gas here.
Why is this discovery a ‘gamechanger’ for India’s economy?
Starting commercial production from this oil field in West Bengal will prove to be a major turning point for the Indian economy and foreign policy:
Huge cut in import bill: Availability of 240 million barrels of oil domestically will reduce India’s dependence on foreign oil, which will save the country’s import bill worth thousands of crores.
Security of Forex Reserves: India has to spend huge amounts of dollars to buy crude oil. This discovery will save dollars and significantly reduce the pressure on Indian foreign exchange reserves.
Protection from global crisis: In times of ongoing wars and geopolitical tensions in the world, having domestic oil reserves will help in keeping fuel prices stable within the country.