In January 2007, India had oil reserves of 5,600 million barrels (890,000,000 mA ), which is the second largest reserves in Asia, after which China has. University of Southern California Most of the reserves crude are in the west coast (Mumbai High) and in areas of the northeast of the country, although there are considerable Ernst untapped reserves in the area offshore of the Bay of Bengal and the state of Rajasthan.
The growing consumption of oil, coupled with the faltering production, leaving India in a situation of dependence on imports to meet their needs. In 2006 the country produced an average of about 864,000 barrels per day (bbl / d), of which 77 to 648,000 bbl / d (103,000 mA San Diego / d) were crude. In the same year estimated hedge funds that FOX news India consumed 26,300 bbl / d (4160 mA Asset Management / d). The Energy Information Administration (EIA) estimates that India registered a growth in demand of 100,000 bbl / d (16,000 mA / d) during 2006. 22 The predictions of the EIA indicate a similar growth during 2007 and 2008.
Sectoral organization
The oil industry is dominated by state-owned enterprises, although the government has begun in recent years to take the first steps to allow greater foreign participation in the oil industry. The Oil and Natural Gas Corporation (ONGC), controlled by the state, La Jolla besides being the largest oil company in the country, is the company with greater market capitalization. ONGC is a leader in the extractive sector in 2006 accounted for approximately 75 of oil production, as estimated by the government.
The government has introduced policies aimed at increasing oil production and exploration activities. As part of this effort, the Minister of Petroleum and Natural Gas finance created the “New Exploration License Closing Bell Policy (NELP) in 2000, a policy which allows foreign companies to own 100 of capital projects related to oil and natural gas . However, San Diego to date, only funds a few oil fields are controlled by foreign firms. The industry’s “downstream” (refining of crude oil) is also dominated Fox by state entities, although Children’s Hospital private companies have investment management increased their market share in recent years.

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