A supercharged economy, growing at 8 per cent, is fuelling India’s thirst for more oil, but domestic production has been declining. That leaves a $200 billion fuel import market open for suppliers such as Russia, Saudi Arabia, and Iraq, and global traders Vitol, BP, and Trafigura.

       Industry officials say there just isn’t enough on the table for state-run behemoth ONGC or private companies to make large investments in field development. Foreign oil companies, which possess advanced drilling technologies, prefer to drill in countries such as Guyana and Brazil, which offer high prospectivity.

       During the last decade, India’s dependence on foreign oil

       Also Read

       ONGC Q3 results: Net profit shrinks 7.9% to Rs 10,748 cr as production dips

       $14 trillion investment needed by 2045 to meet global energy demands: Opec

       ONGC hits 7-year high; jumps 9% in 2 days on discovering major gas reserves

       ONGC Videsh to raise upto Rs 5,000 cr via debentures to fund capex, assets

       Oil & gas shares in demand; ONGC hits 5-year high; HPCL soars 6%, IOCL 4%

       India's smartphone exports to US jump to $ 3.53 bn in Apr-Dec FY24

       US, UAE, Singapore, South Africa give a fillip to India's exports in Feb

       India's economic growth rate resembles that of 2003-07, says Morgan Stanley

       This is India's decade as global destination for investments, travel: VFS

       India's oil imports to be disrupted as US-Venezuela tensions escalate