India is in discussion with Equinor to get oil reserves and gas deals. Equinor is an international energy company that is working towards the goal of a low-carbon future. India is aiming towards the security of these resources for the country. India imports 85% of the oil and 55% of the gas. What will be the conclusion for the above? Let us have a detailed overview of the India and Equinor deal current scenario below.
Will Equinor Accept The Oil And Gas Deal With India?
Equinor and India are in discussions for the Oil and Gas deal. The country is looking for other options as it has its majority of gas and oil resources exported from outside. Everyone knows Equinor from Norway for its energy services. India wants Equinor to sign the deal and participate in India’s Strategic Petroleum Reserves (SPR).
Equinor has agreed with India for 15 years to supply the LNG. All the fertilizer and petrochemical industry uses it. The price fluctuation is going on worldwide for several reasons. However, India wants this deal for stability in the supply. Equinor has also partnered with ONGC, CCUS, and green Hydrogen projects. India might partner for the green hydrogen and green ammonia project in Oman with ASA.
Oil and Gas fulfill several needs of the country. The imports help in running different sectors of the country. For example, Petrol and diesel are widely used for running vehicles. Other uses of oil and gas are Asphalt and Lubricants, chemical reagents for plastic, textiles, solvents, paint, synthetic rubber, fertilizers, and more. Gas is also used in businesses, factories, and power plants.
Equinor has a strong bond in the US and Qatar. However, the discussions are going on. India is focusing on exports more. However, this is still a sector where India has a large dependability. While the country is taking steps to improve the condition with new strategies. There are a lot of production cuts from the side of Russia, the Organization of the Petroleum Exporting Countries and its allies.
India is on its way to becoming a developed nation by 2047. PM Modi is moving towards introducing better opportunities for the country’s growth. Thus, Equinor and India’s deal will lead to more stability in the imports of oil reserves and gas deals. Till now, India is importing 85% of the oil and 55% of the gas at the moment.
Discover more from industrialfront
Subscribe to get the latest posts sent to your email.