In a statement Chandra said, “At the current rate of production, we have 18-20 years of oil buffer and about 28 years of gas reserves.”

This sentiment is shared by Oil and Natural Gas Corp Chairman and MD Subir Raha. According to Raha, “[India is] not doing enough to build our ability through creation of strategic stockpile, to sustain disruption in oil supplies. Oil production will peak in less than 10 years time [and there is] the need for a National Energy Security Plan for a unified approach to energy security.”

“While renewable energy may at best be able to replace 30% of the oil consumption in the next 20 years, emphasis should be on saving oil through use of efficient technology in motor engines, irrigation pumps, etc [and] investments should be made in alternative energy like hydrogen and coal gasification,” he added.

Not all is doom and gloom, however. Chandra believes the recent gas finds in the country will help sate its gas needs.

“The 14.5 trillion cubic feet in offshore Andhra Pradesh and 4-5 trillion cubic feet in offshore Orissa by Reliance Industries and ONGC discovering large oil and gas reserves both on east and the west coast, will further augment natural gas production in the country,” said Chandra.

“We estimate that natural gas production will reach 195-200 million standard cubic meters, per day, in 7-8 years from the current levels of 81 mmscmd,” he added.