Experts Urge Oil, Gas Exploration

About 80 percent of India's sedimentary basins with potential for oil and natural gas reserves remain unexplored, energy experts have said at the Oceantex Offshore Conference and Technology Exposition. According to conference speakers, India's demand for hydrocarbons was steadily increasing, putting additional pressure on oil companies and the government. The demand for crude oil was set to reach 170 million metric tons of oil equivalent (MMTOE) while production will reach only 58 MMTOE by 2006-07. The demand for natural gas will reach 213 million metric standard cubic meters per day (MMSCMD) while production would be only 62 MMSCMD by 2006-07. In addition, experts suggest that deep-water exploration activities should be initiated in India's Exclusive Economic Zones (EEZ) that up to 200-300 nautical miles.