Pricing freedom key to raising India's oil output

Much of the sweet crude produced by companies in India is currently sold at a discount, which impacts company revenues and the government's earnings

Easy access to energy at optimum cost is crucial for broad-based socio-economic development in any country. Dependence on imported oil has been a marked feature of the Indian economy. Digboi in Assam was the first commercially successful oilfield to be discovered anywhere in the world. It is still in operation. 

Despite India’s early lead in production, an estimated 52 per cent of India’s sedimentary basins are yet to be explored. Only seven of the many such known basins are currently in production. These anecdotes along with the recent geophysical surveys indicate that India has a fairly large hydrocarbon reserve that is