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703

India Searches for Oil

Country plans to invest $1 billion anually in search for oil abroad...

India plans to invest one billion dollars annually to acquire equity oil abroad in a bid to bridge the gap between demand and supply of petroleum products. While efforts continue to find oil and gas within the Indian economic zone, domestic oil companies are investing in several countries including Sudan, Russia, Libya, Vietnam, Iran, Syria, Iraq, Myanmar and Sri Lanka.

This was disclosed by the Petroleum Secretary, B. K. Chaturvedi, who stressed that these efforts along with the proposed new oil strategic reserve would provide oil security to the country. In addition, he said the challenge for clean energy was being addressed through hydrogen and India had joined the group of 24 countries led by the U.S. to develop this as the fuel of the 21st century. Research on gas hydrate, a resource for natural gas, was also being intensified. "Major investments are planned in the oil sector of nearly $ 25 billion in the next five years to provide adequate clean fuels in both liquid and gaseous form to the consumers,'' he said.