India Facing Fierce Competition in its Search for Oil and Natural Gas Resources
While energy-strapped India is scouring the globe for oil and gas - a bid that recently took it to Sudan and Russia where India signed two memoranda of understanding, and to Iran where it forged two agreements – the South Asian nation is also urging energy investors to its shores.
“India is thirsty for energy,” Ron Somers, president of the U.S.-India Business Council, told OilPrice.com. India, with a population of roughly 1.2 billion and a 300-million-strong middle class, is “fundamentally without hydrocarbons,” said Somers, whose organization aims to deepen two-way trade and strengthen commercial ties between the nations.
Large, cash-rich public-sector companies like the Oil and Natural Gas Corp. (ONGC) and the Indian Oil Corp. are investing outside the country but face fierce competition from Chinese and other international interests, Somers noted.
Full article at: India Oil and Gas
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