Hit by the biggest energy supply shock in decades during the Middle East war, import-dependent India is expanding domestic crude exploration, its oil minister says according to AFP.
With a temporary US-Iran deal in place to pause hostilities, oil and gas shipments are flowing through the Gulf waterway again, and restrictions and price hikes in India are being rolled back.
Minister of Petroleum and Natural Gas Hardeep Singh Puri said the energy crunch provided fresh impetus for India’s expansion of domestic supplies.
“We are currently in the process … to bid out about 250,000 square kilometres of unexplored area,” Puri told AFP.
