Fearing $150 oil, India wants Exxon, others to prospect in country

January 08th, 2008 | Category: Oil, Other Issues, India

India announced Tuesday that it wants oil sector giants ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX), among others, to tender and explore for oil and gas in the country, on concerns that oil may hit $150 per barrel, Bloomberg News reported.

India, Asia’s third-largest oil consumer, does not have the technology to search for and extract oil/gas from deep waters and in isolated regions, and the nation is concerned that rising energy demand and rising prices will complicate the access to energy it needs to sustain its growing economy.

Predicts $150 oil

“In the next two to three years we

expect prices to reach $150 a barrel,” India’s Oil Secretary M.S. Srinivasan told Bloomberg News on Tuesday. “Given that scenario, we are putting in more efforts in our exploration and production.”

Oil rose $1.75 to $96.75 in mid-day trading Tuesday. Oil rose an alarming 57% in 2007 and reached $100.09 on January 3, 2008. Oil hit an all-time high, in inflation-adjusted terms, of $102.80 in April 1980.

Continue reading Fearing $150 oil, India wants Exxon, others to prospect in country

Original post by Joseph Lazzaro

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