India Opens its Upstream Licensing Round

With the year bringing a renewed sense of optimism for the international energy market, India has opened its largest upstream licensing round to date to try to attract outside investment in its upstream oil and gas sector. Investors have been hesitant to pour resources into the Indian oil and gas exploration sector due to some significant tax increases, as well as new drilling regulations regarding the exploration of potential oil and gas fields. Despite those issues, the nation has launched its latest licensing round.

India, along with the rest of the world, is aiming to attract foreign investors in its upstream market.

The world has seen somewhat of an energy exploration revival in recent times as the global energy sector searches furiously for the next trove of oil and gas to be extracted from the earth. To meet the anticipated increase in energy demand, India has launched its latest upstream exploration licensing round.

India regularly fulfills its crude needs through significant imports of the essential energy resource. The nation imports an astonishing 90% of all the crude for its upstream market, which comes as a surprise to most, as the country has vast energy resources just waiting to be extracted and used in the domestic and international market.