India needs to boost strategic storage capacity: BP India head Dube

BP India Chairman Kartikeya Dube says India should expand strategic reserves, diversify energy sources and increase domestic oil and gas production to enhance energy security

India needs to strengthen strategic storage capacity, diversify energy sources, and boost domestic oil and gas production to navigate challenges arising from geopolitical tensions, said BP India Head Chairman Kartikeya Dube at an industry event.

 

“Other countries’ (storage) is about two months plus on crude, and maybe between four and six months on gas. This (West Asia crisis) has shown that India needs to do a lot more. The recent announcement of the government with ONGC (building crude reserve) is the right step in that direction, but more needs to be done,” said Dube at an event hosted by the Confederation of Indian Industry (CII).

 

The government has asked state-run Oil and Natural Gas Corporation (ONGC) to develop a new 1.75 million tonnes (mt) underground strategic petroleum reserve at Mangaluru as India is moving ahead with a major expansion of its strategic petroleum reserve (SPR) network.

 

Dube emphasised that India has diversified sourcing of crude oil, liquefied natural gas (LNG), and liquefied petroleum gas (LPG), which helped the country in securing energy supplies amid the ongoing West Asia crisis.

 

“There is no credible answer to domestic production across the value chain. That’s the real acceleration that needs to happen because strategic (storage) is a bridge and not the long-term solution,” said Dube.

 

He also commented on the role of waste-to-energy solutions in tackling India’s air pollution, adding that the sector’s growth depends on overcoming bottlenecks across the value chain. 

 

According to Dube, the development of technologies capable of processing multiple feedstocks, strengthening collection and aggregation infrastructure, and ensuring effective management of residual waste are critical for large-scale adoption. 

 

He said while the government has taken some steps and further policy measures are expected, unlocking these challenges is essential for the sector to realise its potential.