Countries across the world are stepping up drilling in offshore areas as most companies believe that easily accessible oil and gas in onshore areas have been found. However, this rush to find more oil and gas has resulted in a global shortage of rigs, a Delhi-based analyst said.
The rig shortage has also resulted in India delaying its seventh round of auction of oil and gas blocks under the New Exploration and Licensing Policy (NELP VII), as operators of blocks won under prvious NELP rounds have not yet been able to complete their drilling programmes.
