With oil prices near record highs and companies struggling to find new reserves, the interest in the Indian...
The world?s oil giants fight for the rights to explore in India. The Indian Government is hoping that these Western companies will invest about $7 billion.
With oil prices near record highs and companies struggling to find new reserves, the interest in the Indian auction has been intense.
Shell is expected to bid, despite pulling out of India in 2004, when it sold the last of its assets to Cairn Energy.
About 28 of the 43 companies that have registered an interest with the Indian Government are foreign.
Cairn Energy, the British oil explorer, said that it would be bidding in the new round and that bidding had ?gone crazy?.
India is not considered a leading oil and gas region, and its natural resources have not been developed, partly because foreign companies have been put off by its bureaucracy.
