Recently, the Indian petroleum ministry took a decision that could signal the corporatization of the oil & gas exploration system. In a bid to lower its dependence on imported fuel & increase production, the Indian Govt. is all set auction 57 of its oil & gas field for exploration. Currently, India is the third largest oil consumer in Asia & imports nearly 70% oil & gas to fuel its demand.
Companies having deepwater exploration experience will have the edge. Exxon Mobil Corp., Chevron and BP are rumored to be taking part in this auction. Domestic players Oil India, Cairn India and BG Group are the other companies in fray. Estimated to generate $8 billion INR, the auction has also caught the interest of Reliance Industries Ltd. (RIL) & Oil and Natural Gas Corporation (ONGC). The former intends to bid jointly with other domestic or international companies to gain expertise.
No comments:
Post a Comment