The ministry, in its statement, further said that the committee has recommended short-term, medium-term and long-term strategies in the report to help reduce the import dependency of the nation.
During 2018, India consumed 204.92 MMT petroleum products and 58.64 billion cubic metres (BCM) natural gas, whereas the domestic production of crude oil and natural gas has almost stagnated. The import dependency of crude oil and liquified natural gas (LNG) during the year was 82.59 per cent and 45.89 per cent, respectively, and is expected to increase.
The ministry also added research and development (R&D) is going to play an important role in the process to reduce import dependency. Ministry of Petroleum & Natural Gas will consider the recommendations submitted by the Committee while formulating policies in the said matter,” the statement further added.