Neither US’s bullying nor China’s pressure will work… India to soon hit jackpot, GDP to increase 5 times, country to become Ultra-rich, treasure is…
India is set to hit the jackpot. This jackpot could result in India’s GDP increasing to five times its current size. Once that treasure is found, India’s economy will be well over 20 trillion dollars. Several Countries including the United States, China, and Russia will be there to behold. Indeed, it is believed that India will find a reserve near 200000 crore litres of crude oil in the Andaman Sea. According to Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, India is close to locating these massive reserves, which are estimated to hold about 2 lakh crore liters of crude oil.
What’s the secret behind India’s imminent jackpot?
While addressing the 9th OPEC International Seminar taking place in Vienna, Austria capital, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that India is very close to finding oil fields. India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030, Union Minister for Petroleum and Natural Gas Hardeep Puri added. With 2.5 lakh sq km open for exploration under OALP Round-10, and being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, said the Minister at 9th OPEC International Seminar in Vienna.
How will this treasure transform India’s global standing?
Hardeep Singh Puri has said that a considerable reserve of crude oil and gas has been discovered in the Andaman Sea. The government has already taken initial steps to commence extraction of that crude oil and gas. If the reserves are authenticated, India’s reliance on imported oil will cease entirely. The country is the third consumer of oil globally, and this will completely change India’s consumption in terms of oil, and will no longer have to rely on importing nations. He added that they are very close to discovering crude oil and gas found within a radius of 250,000 Km in the Andaman area. Efforts for drilling have been sped up to search for oil.
India plans to explore and drill for hydrocarbons with renewed momentum by exploring 2.5 lakh sq km under OALP-Round 10. The minister interacted on ‘Oil Markets: Energy Security, Growth and Prosperity’ with an audience of leaders, captains, and professionals of the global energy sector at the Seminar.
The exploration for oil reserves under the Andaman Sea is reaching its final stages. Hardeep Puri believes that the day is not far away when India will have oil reserves the size of Guyana. Guyana has reserves of 11.6 billion barrels of oil and gas. Rarely does one get a chance to acquire reserves equal to the size of Guyana. If India can secure this treasure, it will remove all dependence on oil imports, and if the search for oil reserves in the Andaman becomes affirmatively successful, India will witness unbelievable growth in its economy.
The economy of India could go from a $3.7 trillion economy to $20 trillion overnight. India’s reliance on Russia for oil will also decrease. With an economic boom, the significance of countries like the US and China will begin to diminish.
The United States and China are currently two of the dominant global economic and military superpowers. And a crude oil discovery at the potential extent India is discussing will probably alter the geopolitical power balance substantially, as New Delhi could create a new power centre to challenge both U.S. and Chinese domination of the global economy.
The U.S. is the largest consumer of crude oil in the world, but it also produces the largest amount of this vital resource. Between the U.S. and China, the price of crude oil affects every part of the global economy, and much more directly, the inflation of essential goods. Thus, if India were to discover large amounts of oil reserves, this would be a serious challenge to the existing oil dominance of the U.S. and, by extension, other global powers such as China and Russia.
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