India Holds Deepwater Promise

摘要

Nothing quite whets the appetites of explorationists like new territory up for grabs, unless it's the prospect of a country looking to broaden its access to new technologies by partnering with international companies. Luckily for deep water explorers, India fits both bills. According to numbers provided by Ernst & Young, India's economy was expected to grow by 8.1% through March 2004, making it one of the fastest growing economies in the world. In order to increase exploration activity, the government approved the New Exploration Licensing Policy (NELP) in 1997 to promote more participation by public companies. Among other changes, the policy has resulted in open availability of exploration acreage to provide a continuous window of opportunity. Blocks available for offer have been carved out on a grid system, and the country is holding regular licensing rounds. Four licensing rounds have been held under the new policy since its inception, and 92 blocks have been awarded under NELP as opposed to 35 awarded during the pre-NELP period.