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India Awards Drilling Rights
Tuesday, July 01, 2008
India will award drilling rights to domestic and overseas explorers for a record 57 oil and gas areas as it seeks to boost crude production and lower dependence on imported fuel.
India is concerned that crude prices may soar past $150 a barrel, increasing costs and curbing economic growth. Crude oil futures rose to $142.99 on June 27, the highest since trading began in 1983. The South Asian nation is competing with Africa and South America to attract explorers such as Exxon Mobil Corp. and BP Plc.
Source: Bloomberg
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