New Delhi, Feb 27: Oil PSUs have made sufficient arrangements to meet the needs of the country for two months in case a war breaks out in Iraq, Lok Sabha was informed today. "Our desire is that a war should not break out. But if it does, we have made sufficient contingency arrangements and built up (oil) stocks which will suffice for two months," Petroleum Minister Ram Naik said during question hour.
Replying to a question, he said the government had placed advanced contracts for crude supply with countries which were not in the war zone. To a question on plans to explore new areas where oil had been found, Naik said the country had 26 sedimentary basins covering an area of about 3.14 million square kms which was believed to be a possible habitat of oil and gas.
Through systematic exploration of oil and gas, seven sedimentary basins of Assam shelf, Assam-Arakan fold belt, Cambay, Cauvery, Krishna-Godavari, Mumbai offshore and Rajasthan basins have been upgraded to producing basins, he said.
Bureau Report