India on Shopping Spree for Oil and Gas Assets

Energy-hungry India is scouting for oil and gas assets in Central Asia, Africa, and Latin America to feed the requirements of its rapidly expanding economy.

Domestic production, he said, is likely to rise from 26 million metric tons to 52 million metric tons in 2011-12 and to 80 million metric tons in 2024-25. “But India’s demand for oil is expected to increase from 122 million tonnes to 196 million tonnes in 2011-12, and 364 million tonnes in 2024-25. By 2024-25, crude oil self-sufficiency would be a mere 15 percent.”

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