Petroleum Minister Ram Naik said on Tuesday that the country was prepared to meet any eventuality even if the war on Iraq lasts longer than earlier expectations.

"We hear daily about how long the war on Iraq would last. As far as India is concerned, even if the war lasts longer, petroleum product supplies will not be affected," he told reporters on the sidelines of a seminar in New Delhi.

Naik said the country has stocked enough supplies of crude oil and petroleum products to last at least two months. Besides, advance contracts for crude procurement have been placed with countries outside the conflict zone.

"We are assured of receiving our supplies now and in future," he said.

Earlier, speaking at the seminar on 'Development of Deepwater Discoveries', he said the country is 70 per cent import dependent to meet its annual oil requirement, which cost Rs 78,000 crore (Rs 780 billion) last year.

"In that background, accelerated exploration of deepwater holds key to the country attaining energy security," he said while pointing out that recent discoveries in deepwaters of Krishna Godavari basin have given around 10 trillion cubic feet of gas reserves.

More oil and gas blocks would be awarded for exploration under the fourth round of New Exploration Licensing Policy next month, he said.

"As of date, we have 0.35 million square km of deepwater areas under exploration, which has been awarded in the form of 24 blocks in 3 rounds of NELP. The estimated investment in these blocks will be around $1.7 billion," he said.