BRICS and the question of ensuring energy security

Source: Hindustan Times | Original Published At: 2026-09-13 02:04:43 UTC

Key Points

• The author addresses BRICS leaders at the 18th summit in Delhi, urging them to reconsider the 'drill, baby, drill' approach amid changing petroleum market fundamentals.
• New hydrocarbon exploration is described as high-risk and long-lead, with discovery-to-production timelines of 10 to 15 years and uncertain commercial viability.
• The article argues that abundant future supplies, plateauing demand, and the green-energy transition may make high-cost upstream exploration less attractive for BRICS import-dependent economies.
• It notes that refined-product prices have risen far more than crude oil, highlighting downstream energy-value-chain risks.
• It recommends that BRICS prioritize investment in integrated energy value chains and transnational energy partnerships over scarce public funds for risky hydrocarbon exploration.