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Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
As of 1 April 2021, India had estimated crude oil reserves of 587.335 Mt, decreasing by 2.65% from the previous year. The largest reserves are found in the Western Offshore (37%) and Assam (27%). The estimated reserves of natural gas in India as of 1 April 2021 was 1,372.62 BCM, increasing by 0.52% from the previous year.
Indian Strategic Petroleum Reserves Limited (ISPRL) is an Indian company responsible for maintaining the country's strategic petroleum reserves. ISPRL is a wholly owned subsidiary of the Oil Industry Development Board (OIDB), which functions under the administrative control of the Ministry of Petroleum and Natural Gas .
India holds 4,728,790,000 barrels of proven oil reserves as of 2016, ranking 24th in the world and accounting for about 0.3% of the world's total oil reserves of 1,650,585,140,000 barrels. India has proven reserves equivalent to 2.9 times its annual consumption.
Indian refiners maintain 64.5 days of crude storage, so India has overall reserve oil storage of 74 days. Why was the ISPRL set up and what are its objectives? The Gulf War in 1990 caused a sharp rise in oil prices and a massive increase to India’s imports.
due to increase in exports of all products except superior kerosene oil (SKO), fuel oil (FO) and vacuum gas oil (VGO) etc. Crude oil imports increased by 35.4% and 21.3% during July 2022 and April-July 2022 respectively as compared to the
India imports most of the crude oil it consumes and has been building a strategic petroleum reserve (SPR) to protect against supply disruptions and to add commercial storage to allow for seamless refinery operations.
Indian Strategic Petroleum Reserves Ltd. (ISPRL) was created by the Government of India as a Special Purpose Vehicle under the Ministry of Petroleum & Natural Gas in 2004. India's existing underground SPR facilities have a combined capacity of 5.33 Million Metric Tonnes (MMT) of crude oil.
Explore oil reserves at the state and regime levels.
India: Oil reserves, billion barrels: The latest value from 2021 is 4.6 billion barrels, an increase from 4.42 billion barrels in 2020. In comparison, the world average is 9.09 billion barrels, based on data from 187 countries. Historically, the average for India from 1980 to 2021 is 4.97 billion barrels.