HIGH OIL PRICES BRING INDIAN MARGINAL OIL AND GAS FIELDS INTO PLAY
January 1st, 2007
BY RAGHAVENDRA VERMA, in New DelhiHIGH crude oil prices, rapidly growing domestic demand, depleting reserves, and the absence of any really significant new oil discoveries in India has forced local oil and gas companies to exploit small and remote clusters of petroleum deposits, namely 'marginal oil fields'.According to the estimates of India's Oil and Natural Gas Corporation (ONGC) - the government owned company that accounts for 80% of the country's domestic crude oil production - billions of dollars worth of hydrocarbons are locked up in Indian marginal ...
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