Oil accounts for about 30% of India’s total energy consumption. According to BP statistics India had proved reserves of 5.6 billion barrels at the end of 2003, the majority of which are allocated in the Mumbai High, Upper Assam, Cambay, Krishna-Godavari, and Cauvery basins.

EIA announced that it expects future oil consumption in India to grow rapidly, to 2.8 million bbl/d by 2010, from 2.2 million bbl/d in 2003. India is attempting to limit its dependence on oil imports somewhat by expanding domestic exploration and production. The Indian government is pursuing the New Exploration Licensing Policy (NELP), first announced in 1997, which permits foreign involvement in exploration, an activity that was once restricted to Indian state-owned firms.

The UK oil and gas company – BG group has announced that it aims to invest over US$800 million over the next two years in the development of the Panna-Mukta and Tapti oil and gas fields to improve production from the offshore fields. About US$145 million is to be pumped into the Panna-Mukta oil and gas field, and around US$660 million in the development of the Tapti gas field.

In March 2001 the country concluded a second round of bidding offering a total of 25 blocks. Sixteen of the blocks were awarded to ONGC, and four blocks to Hardy Oil of the United Kingdom, in partnership with India’s Reliance Petroleum. The others were either awarded to smaller independent firms or failed to receive bids. Bids for the third round were received in August 2002, with a total of 27 blocks offered with awards being made in February 2003. Reliance Industries received nine offshore blocks, one adjacent to the Krishna-Godavari Basin. ONGC was awarded 13 blocks, five offshore and eight onshore. The Gujarat State Petroleum Corporation received one. Blocks offered during the fourth round in 2003 received relatively little foreign interest. Awards for 15 blocks were made in February 2004, with 14 going to ONGC and one going to Reliance Industries. A sixth round of bidding opened in August 2004.

Organisations (23)
Anand Engineers Pvt. Ltd, Worldwide sourcing and buying agents, Cummins Power Generation, Exxoteq Corporation, GAIL India Ltd, Gujarat State Petroleum Corporation Ltd., Hindustan Oil Exploration Company, Indian Oil Corporation Ltd, Indu Plant Services Pvt Ltd, Oil and Natural Gas Corporation Limited, Oil India Ltd, ONGC Videsh Ltd, Petronet India Ltd, Reliance Industries Ltd :[ Add More ]

Facilities (1)
Block CB-ON/7 – Onshore Cambay

Shaun Bakamoso

Greetings. I'm Shaun Bakamoso, and I'm thrilled to be your guide through the dynamic world of business news in South Africa here at With a passion for staying informed and a keen interest in the ever-evolving landscape of business, I've dedicated myself to providing you with timely, insightful, and comprehensive coverage of the latest developments impacting the South African economy. / Instagram