Govt explores ways to bring home oil & gas from overseas Indian assets

Plans Rs 1,500-crore seismic surveys as part of strategy to beat global supply disruption

India will increase expenditure on surveys of domestic hydrocarbon assets to insulate the country from crude oil price shocks. There has been discussion in the Ministry of Petroleum and Natural Gas to consider ways of bringing oil and gas from India’s overseas assets in the event of a supply disruption.

These moves come at a time when Brent, the most popular benchmark for the global crude oil trade, is trading well above $90 per barrel and may even touch $100.

There is also geo-political turmoil owing to Russia’s aggressive stance on Ukraine, threatening to overrun the former Soviet Union territory. These developments