CURRENT AFFAIRS

Detailed explanation-1: -The country’s strategic oil stockpile will boost India’s energy security. The Union Cabinet have given “In Principle approval for establishing 6.5MMT Strategic Petroleum Reserves at two locations Chandikhol (4 MMT) in Odisha and at Padur (2.5 MMT) Karnataka including dedicated SPM’s for the two SPR’s.

Detailed explanation-2: -Strategic crude oil storages are at three underground locations in Mangalore, Visakhapatnam and Padur (Udupi, Karnataka). All these are located on the east and west coasts of India which are readily accessible to the refineries.

Detailed explanation-3: -The 3Ps stand for proven, probable, and possible reserves. The oil industry breaks unproven reserves into two segments: those based on geological and engineering estimates from established sources (probable) and those that are less likely to be extracted due to financial or technical difficulties (possible).

Detailed explanation-4: -Indian Strategic Petroleum Reserve Limited (ISPRL), a Government of India Special Purpose Vehicle, has established Strategic Petroleum Reserves (SPR) facilities with total capacity of 5.33 Million Metric Tonnes (MMT) at 3 locations, namely (i) Vishakhapatnam, (ii) Mangaluru and (iii) Padur.

Detailed explanation-5: -Saudi Arabia is a desert country. It has the highest crude oil reserves. Saudi Arab is second largest crude oil reserve in the world and 1/5th of the total oil reserve in the world.