In this video, we will discuss possible oil and gas exploration collaboration in between India and Israel.
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India is third largest oil consumer in the world. Our oil demand is naturally bound to increase rapidly in future. You know, Majority of our crude oil is imported from Gulf Countries.
Needless to say, Indian foreign policy and our diplomatic choices were always impacted by this over dependence on Arab Gulf countries.
No wonder, How Modi became first Indian Prime Minister visiting Israel.
The need to diversify the source of crude oil has always been felt, and you remember, India recently imported crude oil from America.
Indian oil companies discovered the Farzad B gas field in Iran in 2008. The deal got stuck in to negotiations, and there is almost no hope that India would get the developmental rights for this gas field in Iran.
Anyways, now its time to move on.
If we ask you, which are the countries, that have vast oil and gas reserves. You wont even mention a very friendly country namely Israel.
Friends, In last 10 years, Israel has seen some of the world's largest gas and oil discoveries.
the problem was these oil and gas reserves were inaccessible and too expensive to extract. But rapid advancement in technology has changed the game.
And last year, Israel has put its 24 exploration blocks up for the auction. No need to worry friends, None of these block is in disputed water of Mediterranean Sea.
In this background, Indian petroleum minister Dharmendra Pradhan himself visited Israel in the month of September to lead from the front Indian efforts in this area.
After doing all the necessary research ground work, You would be surprised to know, Consortium of Indian firms including ONGC Videsh, Bharat Petro Resources, Indian Oil corporation and Oil India have submitted bid for all the 24 blocks on 15 November.
Besides Indian Consortium, one European firm has also submitted bids.
Yes, this round attracted only two Bids. Perhaps fear of backlash from Gulf Countries might have played role in this.
Anyways, Given our massive energy needs, we cannot afford to be afraid of possible adverse reaction from major oil producing countries.
Given that, Israel was looking for two or three foreign exploration groups. The chances are good that Indian consortium will get at least few blocks.
We would like to assume that Indian proposal should be very good. and it would win the competitive bidding.
In January, Israeli Prime Minister Benjamin Netanyahu is scheduled to visit India, we hope to get really good news in this visit.
Israel has been over major defense supplier. the time has come to elevate the level of friendship in the area of Energy supplies also.
Upon successful oil and gas exploration and development of these blocks, Israel will be able to fulfill its domestic energy needs and could also become net exporter.
That's why our Gujarati Prime Minister visited Israel at the risk of annoying all Arab nations. Some of you might have said, he is just enjoying the foreign visits. Now you know, There is hard core real business going on behind those visits.
It was good that Indian oil minister himself took interest in this bid. Hopefully, we have learnt few important lessons from the failures of Farzad B gas field project, and we have already applied them in our proposal this time. In case, we win this bid, In the agreement itself, we need to ensure that past of Farzad B gas field is not repeated in Mediterranean Sea.
Experience suggests, Israel is dependable friend and we should not face the problems, that we have faced with Iran.
As we all know, The freedom to Choose from number of available options prevents the exploitation.
Indian side did their job, lets wait till the results of this round of bidding is out.
As per your views, Just like other countries, India should have stayed away from this competitive bidding to appease Arab nations, after all they have always been our major oil suppliers?
Please let us know your views in comment section below.