India to study U.S. strategic oil reserves

Wednesday, 04 June 2003, 19:30 IST
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NEW DELHI: Indian Petroleum Minister Ram Naik will lead a high-level delegation to the U.S. this month to study how that country maintains its strategic oil reserves. The visit to the U.S. oil reserves at Bryan Mount near Houston on June 13 "will help India to study various aspects of developing and maintaining critical reserves of crude oil for 45 days," Naik told reporters here Tuesday. India depends on imports for 70 percent of the 105 million tonnes of petroleum products consumed in the country every year. It is consulting with Paris-based International Energy Agency on the building of strategic oil reserves. "The visit to the U.S reserves will help India in planning and financing its own strategic reserves," said Naik. Besides seeking equity oil overseas to secure supplies, India has stepped up exploration and development efforts within the country. Naik was speaking on the eve of his departure on a three-nation tour for road-shows to promote 24 exploration blocks being offered by India for bidding to global investors under the fourth round of its New Exploration Licensing Policy (NELP-IV). On offer under the new round of bids are 11 on-land blocks, 12 deepwater blocks including two near the Andaman and Nicobar Islands, and one shallow water block. Naik will join road-shows in London, Calgary in Canada and Houston in the U.S. from June 5-12. At these events, India will focus on promising discoveries of gas in the Krishna-Godavari basin last year, discovery of oil in Rajasthan and finds in Vasai (Western Offshore) and Cambay (Gujarat).
Source: IANS
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