India's petroleum privatization gathering speed

Journal Article · Mon Mar 14 04:00:00 EST 1994 · Oil and Gas Journal; (United States)

OSTI ID:7286015

Privatization of India's petroleum industry is seen as inevitable, even by the staunchest supporters of the state owned sector there. What has become clear is that the huge investments required for Indian exploration, refining, and marketing are beyond the scope of even the biggest state owned firms, such as Oil and Natural Gas Commission (ONGC) and Indian Oil Corp. (IOC). A proposal was put forth last fall to offer Bombay High offshore oil fields to leading multinationals for redevelopment to stem the production slide in India's mainstay producing area. Some of those projects could entail capital outlays of as much as $1 billion. In another step to attract foreign investment to the petroleum sector, India last month decided to take steps for phased decontrol of domestic crude oil prices to bring them in line with world market levels and help set the stage for privatization of ONGC. The paper describes major projects, the slide in oil production, price changes, the need for privatization, and the lukewarm interest in exploration.

• OSTI ID: 7286015
• Journal Information: Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 92:11; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
ASIA
DEVELOPING COUNTRIES
ENERGY SOURCES
EXPLORATION
FOSSIL FUELS
FUELS
INDIA
INDUSTRY
INVESTMENT
OWNERSHIP
PETROLEUM
PETROLEUM INDUSTRY
PRICES
PRODUCTION