InfoAnda - India hungry for foreign oil despite home finds

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

China to unveil military budget after U.S. Asia pivot | | 2 March 2012
Marines to discharge sergeant who criticized Obama on Facebook | | 26 April 2012
Egyptians gather for mass march to oust Mubarak | | 1 February 2011

Police Search For Missing Trio After Teen Found | 16 November 2010

Forum Views () Forum Replies ()

Read more with google mobile : India hungry for foreign oil despite home finds

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India hungry for foreign oil despite home finds AFP - Monday, August 31 BARMER, India (AFP) - - India's biggest oil find in decades is now on stream but the country, with its rapidly growing economy, will still be one of the hungriest consumers of foreign crude, analysts say. ADVERTISEMENT Prime Minister Manmohan Singh turned on the tap at the weekend to start crude gushing from British exploration company Cairn Energy's remote oil field in western Rajasthan state. "We dedicate this oil to the nation," declared Rahul Dhir, head of Cairn's India unit, at the ceremony that underscored the importance the country attaches to energy security to drive economic growth. Cairn surprised the world in 2004 with the discovery of the Barmer field in an area written off by Anglo-Dutch giant Shell. The field contains some 3.5 billion barrels of oil of which it is technically feasible to recover at least one billion barrels. Edinburgh-based Cairn expects the discovery, which lifted it from relative obscurity into the FTSE-100 index of Britain's leading companies, to raise India's oil output by at least 20 percent based on current production. The oil fields will cut India's oil import bill by seven percent or 6.8 billion dollars. But the increased production, expected to come fully on stream in 2011, will come nowhere near to plugging the crude supply gap in Asia's third-largest economy, analysts say. "As India's economy grows, the country is only going to need more oil," said Deepak Pareek, energy analyst at Angel Broking. "The Cairn find is a step in the right direction but as demand keeps growing we need to make more similar discoveries to make us more self-sufficient." The nation of nearly 1.2 billion people already imports 70 percent of its oil needs and experts believe that figure will hit 90 percent by 2030. India's fuel thirst has shot up as rising incomes have spurred industrial demand and more people buy energy-guzzling cars and appliances. Economic expansion has slipped back to around six percent due to the worldwide slump, but the government hopes to steer the country back to its previous nine percent growth trajectory as soon as the global economy picks up. Already among the world's top 10 oil importers, India is expected to become the world's fourth-largest by 2025, according to US government data. Oil now makes up 31 percent of India's energy consumption while coal supplies over 50 percent. Natural gas furnishes about eight percent of India's energy needs. India's government has made energy security one of its national priorities, as it is unwilling for the country's economic prospects to be dependent on the vagaries of the foreign crude market and sometimes unstable political regions. It presented its recent landmark nuclear deal with the United States, which ended its atomic pariah status and gave it access to civilian technology, as a step towards that goal. It is also seeking to develop other energy sources such as wind and solar power and has become, along with China, one of the world's most aggressive seekers of foreign oil and gas properties. But experts say it will take years for alternate energy forms to have any significant role in supplying India's fuel needs. The government has been staging roadshows internationally to seek bids for the right to look for oil and natural gas in parts of the country as it plans India's largest-ever auction of 70 exploration blocks. Interest has been keen, with those attending including over two dozen global energy majors, among them Exxon Mobil and ConocoPhillips of the United States, Britain's BP and BG group and French giant Total, junior petroleum minister Jitin Prasada said last week. Prasada said there had been a change in perception about the possibilities of discoveries in India after recent large finds by Cairn, India's private Reliance Group and state-run Oil and Natural Gas Corp. Still, even if these other companies do strike oil, India's foreign oil reliance will still remain enormous, analysts say. "All of these explorations are required, but on their own none of these efforts can plug the huge gap that India has in terms of oil consumption," said Kumar Manish, associate director at global consultancy KPMG. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Central banker says New Zealand economy recoveringAP - 1 hour 35 minutes ago India posts 6.1 pct quarterly growthAFP - 1 hour 45 minutes ago Indian economy grows 6.1 pct in April-June quarterAP - 1 hour 50 minutes ago FOREX-Yen hits 7-wk peak on Japan vote, China stocksReuters - 2 hours 13 minutes ago Related Articles: Business Fortune helped fuel Kennedy family legacy, agendaAP - Monday, August 31 Investors hunting for signs of economic growthAP - Monday, August 31 Horror, violence lure movie fansReuters - Monday, August 31 New AstraZeneca drug reduces heart patients' risksAP - Monday, August 31 MGM Mirage takes brands abroad as franchisorAP - Monday, August 31 Enlarge Photo India hungry for foreign oil despite home finds Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Michael Jackson's death homicide: coroner Kidnapped US girl walks into police station 18 years on Obama ends frenetic vacation Microsoft apologizes for photo gaffe Tick saliva could hold cancer cure: Brazilian scientists View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Monday, 31 August 2009
Iraq al Qaeda militant says Syria trained him
Merkel party suffers setback in state votes: exit polls
Setbacks loom for Merkel's party in election warm-up
Former Israeli prime minister Olmert indicted
Iran's president defends Cabinet amid skepticism
Merkel loses ground to left in German states | International |
Iraq: suspected bomber recently released by US
Iraq al Qaeda militant says Syria trained him | International |
Former Israeli PM Olmert indicted for corruption | International |
Dalai Lama arrives in Taiwan after China's protest | International |
Pakistan reality TV contestant drowns in challenge
Myanmar says 26 forces, 8 rebels killed at border
Cheney says he and Bush disagreed at times
Former first daughter Jenna Bush joins `Today'
Indian scientists hail aborted lunar mission
Police search neighbors' back yard in kidnap case
Hurricane Jimena off Mexico upgraded to Category 4: NHC
Blast kills 15 police recruits in Pakistan's Swat
Calif. wildfire heads north, threatens thousands
Contact lost, India terminates first moon mission
Despite pedigree, Hatoyama had long wait in wings
Blackwater tapped foreigners on secret CIA program
Cheney says politics behind CIA probe at Justice
Dalai Lama says Taiwan visit is 'non-political'
Hatoyama not likely to change US-Japan alliance
Police: 1 killed in small plane crash in Pa.
Democrats: Honor Kennedy through civil debate
Death toll rises to 19 in Indonesian ship sinking
Boat sinks in Indonesia, '19 dead, 20 missing'
US-ENTERTAINMENT Summary
Horror, violence lure movie fans | Entertainment |
Cranberries reunite for tour after seven years
Bush daughter Jenna Hager becomes 'Today' reporter
Cranberries reunite for tour after seven years | Entertainment |
Horror, violence lure movie fans
Anti-Taliban ops claim high toll in Afghanistan
Merkel challenger refuses to be ruled out
Japan Democrats take power, tough challenges loom | International |
Britain urges more reform of finance sector
American commander: US on the road out of Iraq
Obama ends frenetic vacation
Dalai Lama tells Taiwan he's dedicated to democracy | International |
British immigration centres hold 470 children: report
Suspected Taliban torch NATO supplies in SW Pakistan | International |
Democrats, Republicans rejoin fight after Kennedy farewell
Iraq: suspected bomber recently released by US
Captured Ukrainian crew plead for help
Myanmar refugees begin warily returning from China | International |
Former Israeli PM Olmert indicted for corruption
Gabon awaits poll outcome, Bongo's son confident | International |
Merkel party suffers setback in election warm-up
Colombia says president has swine flu | International |
Thai politics a drag on economic recovery: Fitch | International |
Russia says kills al Qaeda agent in North Caucasus | International |
World Bank in talks with Cambodia over evictions | International |
LG Display in deal for China LCD plant
Great expectations for Japan's victorious Democrats
Dalai Lama tells Taiwan he's dedicated to democracy
Calls for fast action in Japan after historic vote
Myanmar says 34 killed as border fighting ends
Hatoyama not likely to change US-Japan alliance
Blast kills 16 Pakistan cadets; NATO trucks bombed
Firefighters battle blaze near small Utah town
Protest accuses Dalai Lama of 'politics' in Taiwan
LG Display in deal for China LCD plant | Technology |
Report: US makes $4 billion from bailout banks
Analysis: Democrats tasked with delivering change
Pakistan: Border blast sets NATO fuel trucks afire
US parties rejoin fight after Kennedy farewell
Japan suffer 59-year world championship low
3 Texas boaters missing for a week rescued at sea
`The Bold and the Beautiful' wins drama series
Police: 8th person dead in Ga. mobile home attack
Calif. fire to reach mountain's TV transmitters
Police: NM boy faces murder charge in dad's death
US military deaths in Iraq war at 4,337
Schumer proposal aims to avert crashes over Hudson
Highlights of Hollywood's fall, holiday schedule
Vampires, werewolves, liars lead fall film cast
CORRECTED-UPDATE 1-LG Display in deal for China LCD plant
Taiwan dollar firms on exporters, foreign funds
China Southern Airlines says 1H profit down 97 pct
Seoul shares down; Hyundai Mobis falls, techs rise
Arab TV looks to Ramadan to offset losses
India hungry for foreign oil despite home finds
Japan industrial production up 1.9 percent in July
`The Bold and the Beautiful' wins drama series
Winners at 36th annual Daytime Emmy Awards
Japan's factory output rises 1.9 pct in July
Rachel Ray, Tyra Banks win talk show Emmys | Entertainment |
Korea Hot Stocks
Emmy Awards struggle to stay relevant to viewers
S.Korea says needs global cooperation on exit plan
S.Korea T-bond futures rise, key economy data eyed
Actress puts the 'Mad Men' in their place
Pakistan reality TV contestant drowns in challenge
Actress puts the Mad Men in their place | Entertainment |
WW2 singer Vera Lynn returns to British album charts
3-D flick 'Final Destination' tops North American box office
Star Trek veteran boldly saved movie franchise | Entertainment |
Madonna tours Jewish holy sites in Jerusalem
No talks without full settlement freeze
US-TECH Summary
Madonna makes late-night visit to Western Wall
Ahmadinejad cabinet faces growing opposition
AMD ships lower power server chip
LG Display in deal for China LCD plant
Afghan vote fraud claims soar
Afghan officials on democracy's front line
Ridge: Talk of terror-alert politics exaggerated
LA-area blaze size doubles, threatens 12,000 homes
Sniffer dogs search home in US abduction case
The Nation's Weather
Experts: Abductees such as Jaycee stay out of fear
Convicted killer on trial in Texas triple homicide
Raging California wildfires leave two dead
Vogo Fund to buy S.Korea card firm stake for $156 mln
India's economic growth accelerates to 6.1 percent
Pakistani stocks end 1.5 pct higher; rupee firms
Japan industrial production up 1.9 percent in July
SKorea industrial output faster-than-expected rise
Japan's post-election market euphoria short-lived
India's economy grows at 6.1 pct Apr-June quarter
Japan stocks slip on worries about yen, policies
Seoul shares fall; Hyundai Mobis, shipbuilders down =2
US storm as Mohammed cartoons edited out of book
Highlights of Hollywood's fall, holiday schedule
Vampires, werewolves, liars lead fall film cast
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01