India's biggest bet on securing bids from foreign drillers in crucial move

An official said main problem for India's petroleum sector, considering its lucrative geology less than that of countries in Africa and South America, was frequent changes in tax & incentive policies

India, the biggest contributor to world oil demand, will bring into effect in two weeks the biggest overhaul of its drilling policy.

 

This comes after more than a year of preparation, and will boost the exploration and development of India’s oil and gas sector along with increased participation by foreign drillers, a top government official close to the developments told Business Standard. 

 

Foreign drillers will be insured against any fiscal policy changes, the biggest bugbear that kept reputed overseas explorers like Exxon, Shell, and Chevron others from participating in the country’s first nine drilling rounds, the official said. It is