The hydrocarbon exploration and production (E&P) in India remains a negligible business in the global landscape, given the output and low investments coming in for finding oil and gas in the country.
On March 2016, when the government introduced a new Hydrocarbon Exploration & Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP)–which replaced the 20-year-old New Exploration & Licensing Policy (NELP)–the aim was to attract private investments in the sector, revive the sinking production and reduce the country’s crude import by 10 per cent.
But as the second round of bidding under the OALP is going to conclude, it seems that Anil Agarwal’s Vedanta group is the only serious private player, which is bullish on India’s E&P story. Read More
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