National Exploration and Licensing Policy (NELP) Catalysing Indian Economy: Oil and Petroleum Products, Energy Consumption, Economic Growth, Investments
Title
Date
No of pages
National Exploration and Licensing Policy (NELP) Catalysing Indian Economy
MAY 2008
28
India import dependence on crude oil and petroleum products is more than 70 percent with crude oil contributing about 33 percent of primary energy consumption in India. The consumption of crude oil is expected to grow further, driven by India’s overall economic growth. In order to meet the growing demand, the indigenous crude oil production has to be augmented by acceleration of exploration activity in deep offshore, unexplored offshore and onshore area. The Government of India through its national exploration and licensing policy (NELP) is reforming the E&P sector by liberalizing it and opening the sector for private and foreign investment. The government has allowed 100 percent foreign direct investment in the sector and has offered the maximum number of blocks under the seventh round of National Exploration and Licensing Policy (NELP) and is expecting at least $4 billion in investments. >> Read more
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