Oil Gas Industry Past, Present and Future - 1663 Words

|Oil Gas Industry:Past, Present and Future Sudha Singh At Independence, India s domestic oil production was just 250,000 tones per annum. The entire production was from one state-Assam. Most foreign experts had written off India as far as discovery of new petroleum reserves was concerned. The Government announced, under Industrial Policy Resolution, 1954, that petroleum would be the core sector industry. Preamble Petroleum exploration production was controlled by the Government-owned National Oil Companies (NOCs), ONGC and OIL, in pursuance of the Industrial Policy Resolution, 1954. In the early 70s, they supplied nearly 70% of the domestic requirement. However, by the†¦show more content†¦It would help Indian cause if the government were to introduce the practice of Pure Service Contract like in some of the other producing countries. Today 74 Exploration Contracts and 28 Development Contracts are in operation. There are a total of 103 PSCs in operation. This is a sizable number but unfortunately this is not made known to a large number of people/enterprises. The Development Contracts are likely to add about 150,000 barrels of oil per day (or about 7.5 MMT per year) and about 7 million cubic meters per day of gas production. In terms of money about 4 billion dollars are expected to be pumped into these ventures over the next 10 to 15 years. |Major Players | ONGC :It is a public sector petroleum company in India, contributing 77% of India’s crude oil production. Revenue (2006): $ 10.5 billion Employees: 41000 Recent news: ââ€" ª India s ONGC lags in global oil race. ONGC s setbacks in acquiring major oil resources are made worse by the Indian government s order to help shoulder the burden of subsidized fuels earlier this year, which pushed the country s biggest refiners into the red. ââ€" ª ONGC has gained junior shares in a host of projects, from Russia s Sakhalin-1, Iran s Yadavaran Field and Sudanese properties abandoned by Western investors. ââ€" ª But it has yet to take a lead role that would give it more say and a bigger share ofShow MoreRelatedOil Drilling and Gas Extraction Industry in the US Analysis1242 Words   |  5 PagesConnor Sims, Associate SUBJECT: Oil Drilling amp; Gas Extraction Industry in the US Analysis (21111) This report presents information regarding the industry, the primary operator of oil and gas field properties. The industry fuels its key buyers, the Natural Gas Distribution (22121) and the Petroleum Refining (32411) industries, with crude oil and natural gas. 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