India is the fourth largest oil consumer in the Asia Pacific region after Japan, China and South Korea. It is growing at 7% a year and is currently estimated at US $ 90 billion.
India is endowed with 26 sedimentary basins and most of them are under intensive /extensive exploration. After the slew of policies announced from 1998, private sectors /foreign players are allowed and encouraged to bring new technology to exploit the resources. Apart from domestic resources, India has also put a strategy in place to ensure energy security by venturing overseas with its public sector arm OVL in oilfields of Sudan, Sakhalin, Myanmar, Vietnam, Libya, Syria, Iraq and Angola.
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