CURRENT AFFAIRS

Detailed explanation-1: -A joint expedition by India and the US discovered a major deposit of natural gas in the Indian Ocean, offering the potential to significantly expand energy production in a region that’s currently a big importer.

Detailed explanation-2: -The natural gas industry in India began in the 1960s with the discovery of gas fields in Assam and Maharashtra (Mumbai High Field). As on 31 March 2018, India had estimated crude oil reserves of 594.49 million metric tonnes (Mt) and natural gas reserves of 1339.57 billion cubic metres of natural gas (BCM).

Detailed explanation-3: -Almost 70 percent of India’s natural gas reserves are found in Bombay High basin and in Gujarat. rest found in Andhra Pradesh and Tamilnadu, Maharashtra, Mumbai.

Detailed explanation-4: -India’s primary supplier of liquefied natural gas (LNG) in 2021 was Qatar, contributing to a share of 42 percent of the country’s imports. As of that year, India was the world’s fourth-largest LNG importer.

Detailed explanation-5: -Mineral resources. By far the most valuable mineral resource is petroleum, and the Persian Gulf is the largest oil-producing region in the world. Exploration for offshore petroleum and natural gas also has been under way in the Arabian Sea and the Bay of Bengal, both of which are believed to have large reserves.