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India recoverable crude oil reserve is estimated at 757.4 MT

Steel News - Published on Mon, 19 Mar 2012

Minister of state for petroleum & natural gas Mr RPN Singh said that India\'s recoverable crude oil reserve has been estimated at 757.4 million tonne on April 1, which is not adequate to meet country\'s growing energy needs.

Mr Singh said that \"These reserves are continuously undergoing change on account of accretion of new reserves as a result of success in exploration and due to production on a continuous basis.”

He said that the government has adopted multi-prong strategy such as increasing domestic hydrocarbon exploration and production activities, developing unconventional sources of hydrocarbon and acquiring overseas oil and gas assets towards country\'s energy security.

The Government is also setting up underground strategic storage facilities of 5.33 million tonne capacity in three locations; Vishakhapatnam, Mangalore and Padur (Karnataka).

Mr Singh said that \"The projects are expected to be commissioned in a phased manner from April, 2013 onwards.”

The Vishakhapatnam facility has a capacity to store 1.33 MT crude oil while Mangalore facility has 1.50 MT capacity. The Padur storage unit has 2.50 MT capacity. He added that \"In addition, feasibility study for about 12.5 MM strategic oil reserves is in progress in the states of Karnataka, Gujarat, Rajasthan and Odisha.”

Source - Economic Times

(www.steelguru.com)

Posted By : admin on Mon, 19 Mar 2012
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