The Eastern Mediterranean offers India strong prospects for import of natural gas, given strong bilateral relations with regional countries, including Egypt, Israel, Greece and Cyprus.

The exit of Western oil companies from energy projects in the Russian Far East provides opportunities for India to enhance its stakes in these projects.

The value of the Caspian energy reserve lies in its potential to add to global reserves of oil and gas, which, in turn, could bring down costs.

If India gets a stake in the proposed Aramco IPO, it would mean getting a share of profits from one of the world’s largest and most profitable companies.

Given that over 70 per cent of the world's energy consumption comes under the IEA umbrella, the association with the agency will substantially increase India’s relevance in global energy governance.

India needs to capitalise on the emerging Iranian gas supply market and the current low price scenario, before rival consumers snap up Iranian exports or prices go up. Developing broader relations that entail incorporating gas supplies from Iran would give India greater leverage at a time when other countries in South Asia are emerging as key gas importers.

After years of political and economic isolation, Myanmar is opening up to investment particularly in the energy sector. There are however, accompanying uncertainties and risks.