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14

India To Set Benchmarks

India will soon set benchmarks for oil exploration firms

India will soon set benchmarks for oil exploration firms to scientifically ascertain the potential reserves in newly discovered fields before they are made public to prevent market manipulation, the national mass media reported.

The Directorate General of Hydrocarbons (DGH) has sought inputs from oil and gas exploration companies to set technical benchmarks to determine the reserves in 90 blocks awarded under the government's new hydrocarbons exploration policy.
The move follows the regulator's earlier effort to rope in the markets watchdog, the Securities and Exchange Board of India, to check moves by exploration firms from making premature statement on reserves with an eye on the stock markets.