Can the oilfields amendment Bill allay concerns, attract global drillers?

India imports nearly 90% of its crude oil, half of its natural gas, and over 60% of LPG

It’s hard to say where India’s Achilles heel lies in its $25 billion by sales oil & gas upstream business (an approximate calculation of the value of oil & gas produced annually). Is it in middling geology, or lack of policy consistency, or New Delhi’s humongous financial demands? Perthaps, it’s a bit of each.

 

Whatever the reason, the outcomes have hurt India’s energy security, especially when fuel is key to powering the country’s $10 trillion economy ambitions. 

The challenge before the government now is to arrest India’s declining oil and gas production, discover new deposits, and provide enough locally produced