India is increasingly moving beyond West Asia in search for energy sources.
For a country that imported over 76% of its fossil fuel requirements in 2011-12 for an estimated $140 billion (Rs 7,48,580 crore) from the region, against $100 billion (Rs 5,34,700 crore) in 2010-11, making an immediate geographic shift is easier said than done.
But, hectic diplomatic parleys for energy, including shale gas from the US and Canada, LNG from Brunei and more coal and uranium from Australia, are part of a ‘not to be dependent on one region’ policy.
India’s total energy requirement is projected to grow at 6.5% per year till 2016-17.
OVL’s overseas investments have crossed $14 billion (Rs 74,858 crore). Among 15 countries where OVL has projects, only three are in West Asia — Iran Iraq and Syria. The others are in Vietnam, Sudan, Cuba, Brazil, Venezuela, Russia, Myanmar, Colombia, Nigeria and Kazakhstan.
“In the 12th plan, we’ve stressed the need to diversify our energy sourcing to meet growing demand. Shale gas can be a game-changer,” Montek Singh Ahluwalia, deputy chairperson of the planning commission, told HT.