Is India Strengthening Its Energy Security with New Oil Reserves?

India’s Plan for New Oil Reserves
To reduce dependency on foreign oil and prepare for emergencies, India is constructing three new strategic petroleum reserves. Key highlights include:
Enhanced Energy Security: The reserves will act as a buffer during global supply shocks, ensuring uninterrupted fuel availability.
Feasibility Studies Underway: Engineers India Ltd is assessing potential sites before final approval from the federal cabinet.
Private Sector Participation: Inspired by models from Japan and South Korea, India now allows private companies to lease storage and trade crude oil.
Meeting IEA Standards: The expansion aligns India closer to International Energy Agency (IEA) norms for emergency stockpiles.
This strategic move follows India’s existing reserves in Visakhapatnam, Mangaluru, and Padur, which currently hold 5.33 million metric tonnes of crude oil.

Why Is This Important for Competitive Exams?
Questions on India’s energy security, strategic reserves, and global oil policies frequently appear in exams like:
UPSC (Civil Services, IAS)
SSC (CGL, CHSL)
State PSCs
Banking & Insurance Exams
Understanding this development helps in answering questions on India’s economic policies, energy infrastructure, and global compliance.

Sample Questions & Answers
1. What is the purpose of India’s strategic petroleum reserves?
Answer: To ensure energy security by storing crude oil for emergencies and supply disruptions.
2. Which agency is conducting feasibility studies for the new reserves?
Answer: Engineers India Ltd (EIL).
3. How does private sector participation help in strategic reserves?
Answer: It allows private companies to lease storage and trade crude oil, improving efficiency and reducing government burden.
4. Which countries’ models is India following for its oil reserves?
Answer: Japan and South Korea.
5. How much crude oil do India’s existing reserves hold?
Answer: 5.33 million metric tonnes.

Conclusion
India’s expansion of strategic oil reserves is a crucial step toward long-term energy stability. For aspirants preparing for competitive exams, keeping track of such developments is essential for current affairs and economy-based questions.
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