Crude oil is one of the important sources of energy even from global perspective and is expected to remain so in future. India has huge potential in terms of developing its crude oil reserve base as only 20 per cent of the total sedimentary basins are explored. India is heavily dependent on the import of the crude oil and natural gas. The fact that India has not made any major breakthroughs in the field of renewable sources of energy, oil and natural gas would continue to hold a place of key importance in India's economy. Currently, India's oil import dependency is ~ 80-85%. With deficit in supply, it becomes very crucial to expedite the process of exploring domestic resources and avoid excessive reliance on external sources to meet the country's energy requirement. Recently, even more worrying picture has been the sharp rise in import bill due to rising crude prices coupled with depreciating rupee.
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