| Indian oil hunt may draw $7 bn |
| Our Economy Bureau / New Delhi April 12, 2006 |
| Chevron, Exxon among interested global majors. India expects a sizeable $7-billion investment in oil exploration by 2008 from global majors like Exxon Mobil and Chevron. For the first time, these firms have shown interest in oil exploration in the country. As many as 55 oil and gas blocks are on offer in the sixth round of the National Exploration Licensing Policy (NELP), for which bids have to be sent in by September. In comparison, an investment of $1.7-2 billion has been committed for the 20 blocks offered during the previous NELP round last year. That round saw British Petroleum, Cairn and British Gas among 26 companies picking up blocks in the country. |
