New Delhi: As the world struggles to recover from the biggest energy shock in decades caused by the West Asia conflict, ONGC Chairman and CEO Arun Kumar Singh on Friday said India should be cautious about relying on traditional supply assumptions, especially proximity to West Asia for sourcing oil and gas. India, which depends on West Asia to meet about half of its crude oil imports, 30% gas and 85-90% LPG, should invest in building strategic storage as insurance against price and supply disruptions, he said. “Considering that West Asia is closest to us and hence has easy access to all their resources, we should take it with a pinch of salt,” Singh said at an energy security conference organized by oil regulator PNGRB. Singh warned that the changing global order and rising geopolitical tensions are undermining long-held assumptions about energy security. Calling for strategic realignment, he urged India to aggressively pursue domestic exploration and build resilience. agencies
