INDIA
ONGC, OIL EXPLORE INDIA’S NEW PETRO RESERVES
FEW PRIVATE FIRMS READY FOR EXPLOITATION
2018-09-10 13:25
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It is highly admirable that India’s public sector oil giants — ONGC and OIL — continue to vigorously using their experience and skill to explore new oil and gas reserves within the country. Oil exploration is considered to be a big financial and technological gamble until it leads to discovery of commercially viable reserves. It is also good to see at least one private firm, Vedanta, is ready to make large on-ground investment in commercial exploitation of such proven hydrocarbon resources in India. The latest open acreage auction by the country’s upstream regulator, Directorate General of Hydrocarbon (DGH), showed overseas Indian tycoon Anil Agarwal-led Vedanta bagging 41 out of 55 oil and gas exploration blocks. Actually, Vedanta had bid for all the 55 blocks although local giant Reliance Industries (RIL) and other foreign concerns stayed away from the auction — first time since India began offering oil and gas area for exploration and production through bids in 1999.