State-owned company Bharat Petroleum Corporation Limited (BPCL) has shown a great light of hope in the environment of energy crisis around the world. India’s all-important LNG (Liquefied Natural Gas) project in the East African country of Mozambique is back in full swing. Experts feel that this project is going to be a trump card to ensure India’s energy security at a time of heightened geopolitical instability in the international market.
According to BPCL sources, their subsidiary Bharat Petroresources Limited has a 10 percent stake in the Offshore Area-1 project in Mozambique. Not only BPCL, ONGC Overseas and Oil India Limited are also partners in this consortium. Originally overseen by the French company Total Energy, the project was halted for some time due to safety concerns. However, since the work resumed in November last year, the decor has been in ruins. At present, about 6 thousand workers are working day and night. About 42 percent of the project has already been completed, according to the agency.
Why is this project so important?
While oil dominated world politics in the 20th century, the 21st century is dominated by gas. India is currently moving towards a gas-based economy. LNG is essential to meet the net zero target by 2040. If this project of investment of about 20 billion US dollars is implemented, as the supply of natural gas in the world market will increase, India’s import path will be smoother. Delhi’s main goal now is to reduce over-dependence on Middle Eastern countries and create alternative sources in the current volatile market.
VRK Gupta, Director (Finance), BPCL, said such overseas partnerships are part of India’s long-term strategy. This will strengthen India’s energy security. At present, BPCL has huge oil refining capacity in Mumbai, Kochi and Bina. Besides, they have a huge distribution network across the country. This success in Mozambique is not only a business gain, but will also help increase India’s influence in the global energy market. All in all, the Mozambique project is going to be a new milestone in bringing cheap uninterrupted gas to every household in India in the coming days.
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