India enhances strategic petroleum reserves for energy security

The Indian government is increasing its strategic petroleum reserves (SPR) to improve energy security and lessen reliance on imported oil. Currently, the country has SPR facilities with a total capacity of 5.33 million metric tonnes located in Vishakhapatnam, Mangaluru, and Padur. In July 2021, the government approved the construction of two more facilities in Odisha and Karnataka. These new reserves will have a total capacity of 6.5 million metric tonnes and will be built through a public-private partnership. In addition to strengthening oil reserves, the government is focusing on reducing fossil fuel use. It is promoting alternative energy sources like natural gas and biofuels. The Ethanol Blended Petrol (EBP) Program aims for 20% ethanol blending in petrol by 2025. Ethanol production has been rising, with grain-based ethanol now making up 51% of total output for the 2023-24 period. Despite concerns about food security, officials say that India has plenty of food grain. The country’s cereal production exceeds domestic needs, and there are large buffer stocks. The ethanol sector is expected to save around Rs 40,000 crore each year on crude oil imports and reduce carbon emissions by 10 million tonnes. With more land being used for growing food and biofuels, experts believe that increasing ethanol production meets both economic and environmental objectives.