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- Nick Sharma
India currently imports about 85% of its crude oil demand. To curb its dependence on imports the Indian government has taken multiple steps to increase upstream investment, including offering open acreage through regular bid rounds. Upstream capex strategies of India’s national oil companies were geared to pursue production growth. In recent years, Indian NOCs also pursued the “go out” strategy through multiple acquisitions globally to diversify supply sources and grow their reserves. What strategies are necessary for India to offset decline in domestic production and reduce import dependence for oil and gas? How can production from mature fields be increased using new state of the art technologies? What changes are necessary in India’s hydrocarbon regulations to attract international investments when many companies are cutting their oil/gas capex? Which countries and regions offer the best opportunities for India to secure its hydrocarbon supply?