Without an ample boost in domestic energy production, this growing energy demand would necessitate a substantial increase in India’s energy imports, especially of oil and natural gas. Seeking to balance external risks to the country’s energy supplies and to meet its escalating energy demand, India’s government has been prioritizing charting a way forward to reduce India’s oil and gas import reliance by monetizing domestic hydrocarbons assets, essential to its energy security. Fostering the environment for domestic oil and gas explorationThe government’s regular refinement of domestic policies has played a huge role in spurring local fossil-fuel production. These policies have led several PSUs and private-sector companies to actively seek out almost all domestic hydrocarbons acreages on offer. Enhancing domestic hydrocarbons production can curb India’s energy import-reliance considerably, but so will substituting its oil and gas import consumption.
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