The US and India and have signed a memorandum of understanding for cooperation on the operation and maintenance of strategic petroleum reserves (SPRs), which could include India storing oil in the US SPR.
US Secretary of Energy Dan Brouillette and Indian Minister of Petroleum and Natural Gas and Minister of Steel Dharmendra Pradhan signed the MoU at a meeting to discuss the progress and achievements of the US-India Strategic Energy Partnership (SEP), set up in April 2018 by US President Donald Trump and Indian Prime Minister Narendra Modi.
According to Reuters, Brouillette told reporters at a teleconference that the two countries will look at sharing the establishment of a SPR, and how India could store oil in the US SPR in underground caverns in Texas and Louisiana. Storing oil in the US SPR would allow India to increase its strategic oil stockpile.
The SEP has a number of goals und four broad areas – Power and Energy Efficiency, Oil and Gas, Renewable Energy and Sustainable Growth. The goals include enhancing energy security through oil and gas trade and infrastructure investment, ensuring clean, affordable, and reliable energy access and reducing market barriers to energy trade and investment. The US and India are also cooperating on energy R&D.
A number of other MoUs, agreements and statements of intent were signed at the meeting, including to support the energy transition in India, support energy access and efficiency in India, and information exchange in oil and gas regulatory frameworks, as well as a letter of cooperation between ExxonMobil and Chart Industries IOCL on stimulating LNG demand.