Vibrant activity emerging in India to meet rising oil demand

DRILLING MARKET FOCUSIndia's push to bolster oil and gas sufficiency has sparked an upsurge in drilling there. The country currently produces about 460 MMboe/year of oil and gas--about 30% of demand--and is targeting 70% self-sufficiency in oil, as demand is expected to rise 6.5%/year through 2010. The US Energy Information Administration estimates India was the world's sixth largest consumer of oil (2.2 million bo/d) and the ninth largest net importer (1.4 million bo/d) in 2002.1There were 34 rigs drilling in Indian waters in late July, using about 10% of the active worldwide fleet of offshore drilling units. In late June, Simmons & Co. International analysts said that India's us...

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