India has diversified its crude import basket substantially, comfortably placed to meet fuel supply needs: Hardeep Singh Puri

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Amid concerns that the Israel-Iran war and escalations in the Middle-East could affect supply of crude petroleum and lead to sharp rise in crude prices, Union Petroleum and Natural Gas Minister Hardeep Singh Puri informed that India has diversified its crude import basket substantially and the country is comfortably placed to meet fuel supply needs.

In a post on social media platform X (formerly known as Twitter, the minister wrote: "As oil is on the boil, all eyes are on the ball…In the increasingly volatile geopolitical situation, reviewed the petroleum products supply situation with @PetroleumMin officials and our PSU OMCs. Under the visionary leadership of PM @narendramodi Ji, we have diversified our import basket substantially and are comfortably placed to meet our fuel supply needs."

As oil is on the boil, all eyes are on the ballIn the increasingly volatile geopolitical situation, reviewed the petroleum products supply situation with @PetroleumMin officials and our PSU OMCs. Under the visionary leadership of PM @narendramodi Ji, we have diversified our pic.twitter.com/J58LSEC2cV

Hardeep Singh Puri (@HardeepSPuri) June 16, 2025

Also Read - Hardeep Puri sees potentially 'several' Guyana-like oil and gas discoveries in India on the horizon

He outlined several measures the government has been taking over the years for exploration and production. He also noted the exploration in the Andamans is pointing to "good news" and may end up becoming India's 'Guyana moment'.

The minister said India has 3.5 million square kilometres of sedimentary basin, but it never explored beyond eight per cent area, keeping a large expanse of sea beds untapped and unexplored.

Puri said that it is their government which had decided to explore a large part of the basin.

"There were parts of the sedimentary basin which were no-go areas. So one of the decisions which we took was that 1 million square kilometres of that sedimentary basin, which was no-go area, has suddenly been made available for E&P," the minister said.

"...in Guyana, 46 dry wells were drilled before oil was found in the 47th. We believe India holds the potential of several Guyanas, particularly in the Indian Ocean region. We are looking at the possibility, thanks to this additional E&P, of finding a Guyana," Hardeep Puri told reporters.