India's Singh pushes foreign oil ventures

India’s prime minister has made explicit his country’s push to own oil resources abroad.

By OGJ editors
HOUSTON, Nov. 2
-- India’s prime minister has made explicit his country’s push to own oil resources abroad.

Speaking at the Petrotech conference in New Delhi, Manmohan Singh said India’s requirement for hydrocarbon energy would increase by 40% in the next 10 years while its domestic production rises by 10%.

India consumes about 3 million b/d of oil and imports about 2 million b/d.

“All national oil companies are mandated to also pursue for equity oil from overseas oil-producing countries,” Singh said.

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