India Plans US$300bn Of Upstream Spending

A top Indian oil ministry official has stated that the country will spend US$300bn over the next five to seven years on oil exploration and production. Secretary to India's oil ministry, M.S. Srinivasan, told reporters that the Indian exploration and production business will become a US$5.2trn industry by 2013/15. The nation is the world's second fastest growing major economy after China, and depends on imports for 70% of its oil

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