India to boost offers for oil, gas exploration - Reuters

By
Viraj
on June 5, 2009 4:13 AM | | TrackBacks (0)
NEW DELHI (Reuters) - India aims to auction its remaining 1 million square kilometers (387,000 sq miles) of potential exploration areas in the next two to three years, buoyed by recent oil and gas discoveries, the upstream regulator said on Thursday.

Exporter of Hookloader Oil Tank

It recently launched its biggest-ever exploration round, offering 70 blocks as it expects companies to seize the opportunity to strike good bargains because of the economic slowdown. The discoveries, and their development, will prove useful as India imports over 70 percent of the crude it consumes and demand is expected to rise further as the economy recovers.

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