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India Targets $40bn of Untapped Oil and Gas

Posted By Craig Erlam On In Forex News Round Up | No Comments

India aims to attract $25bn of investment in natural gas and crude oil in the next few years with the help of sweeping reforms to its exploration and production rules announced last week.

Dharmendra Pradhan, minister of state for petroleum and natural gas, said the new hydrocarbon exploration and licensing policy (Help) and a liberalized gas price regime would help reduce India’s heavy dependence on imported energy over the next 10-15 years.

Basing his calculations on a crude oil price of $45 a barrel, he said the principal aim was to increase domestic gas production at a time of rising demand and falling output. “Forty billion dollars of hydrocarbons will be unlocked for production through this policy reform,” he said in an interview. “To realise this amount we are expecting investment of more than $25bn in the next two to three years.”

CNBC [1]

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Craig Erlam

Craig Erlam [4]

Senior Currency Analyst at OANDA [5]
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.