India expects Rs 3.90 trillion ($75 billion) to be invested in its oil and gas sector from April 2012 to March 2017. The development plan incluÂdes exploration, production, reÂfining, marketing, storage, petrochemicals and related engineering activities to increase the availability of petroleum and petroleum products.
Currently the country meets 80 per cent of its total crude needs through imports. Crude oil imports accounted for 29 per cent of its total import bill of $350 billion in the year ended March 31. Imports are expected to surÂge over the next few years as the country's expaÂnding economy drives demand for fuel proÂducts, pressuring the country's fiscal position.
India is seeking to ramp up exploration in its largely unexplored 3.14 million sq km of sedimentary basin over the coÂming years as it aims to cut its import bill and its dependence on other countries in meeting its energy needs. India's investment plans in its energy sector are in line with a global spending spree driven by high oil priÂces, which recovered quickly from the financial crisis.
Leave a Reply
You must be logged in to post a comment.