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'India diversifying its oil import sources'
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IANS | 04 Aug, 2022
India is looking at pockets of opportunities for oil overseas and its
decision to invest $1.6 billion in an oil project in Brazil part of that
scheme, said credit rating agency S&P.
In a report,
S&P, citing sectoral experts, said India is keen to explore such
opportunities in other Latin American countries.
"Besides
expanding strategic petroleum reserves and diversifying its crude supply
sources, the government is making effort to bring oil from overseas
equity assets in the event of a supply disruption," said Lim Jit Yang,
advisor for Asia-Pacific oil markets at Platts Analytics.
"Supply
security is becoming more important as global spare capacity has been
uncomfortably low. In addition, India's ageing oil wells are struggling
to keep their domestic oil production steady amid growing oil demand,"
he added.
India is looking at diversifying the sources of crude oil for its needs.
Prime
Minister Narendra Modi's cabinet in late-July approved a proposal to
invest $1.6 billion to develop an oil block in Brazil in an attempt to
procure equity oil overseas.
The investment will be through
Bharat PetroResources Ltd. or BPRL, which holds 40 per cent stake in the
BM-SEAL-11 project, while the remainder is held by Brazil's state-run
Petrobras, the operator of the block.
India, the world's
third-largest crude importer and consumer, sources 65 per cent of its
crude requirements from the Middle East.
India has been stepping
up cheap Russian oil purchases in recent months despite sanctions from
the West to oil trade with Russia after the conflict in Ukraine.
The
move to deepen energy relations with Brazil comes shortly after India
made its intentions clear to explore opportunities for term crude deals
with Brazil.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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