India Awards Drilling Rights

Tuesday, July 01, 2008

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.
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 to attract explorers such as Exxon Mobil Corp. and BP Plc.

Source: Bloomberg

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