The Future of Indian Oil wells

Oil has been the main commodity the world over for the past so many years. The reason why crude oil has gained so much importance worldwide is because crude oil is the main source of fuel which is being used for automobiles. Apart from this, crude oil is used for the purposes of power generation and is the major fuel being used to run the worldwide industries. In addition to this, crude oil byproducts are being used for the manufacture of fertilizers and various other products across the globe.

Indeed, the world economy could very well come to a standstill without the availability of crude oil, which has become a very vital part of the economy. It is for this reason that most of the nations concentrate on harnessing oil deposits that are present within their country. Since the crude has gained its status as a precious commodity, it is being traded in commodity markets all over the world. During the times of economic uncertainty, this wonder commodity gains in price and its demand drastically increases. It is during these times that the oil drilling companies make hefty profits.

Oil exploring and drilling giants of the world have been trying to make their presence felt all across the world, and with this idea, most of them strike a deal with the various countries within which they operate. India also has been developing its oil drilling base, and there are many big oil companies within the country. Reliance Industries Limited has been one such oil giant which has been involved for several years in the oil drilling and exploring business. Indeed, India has been blessed with large oil fields both inland as well as offshore.

The coasts across the shores of Gujarat and Bombay have got huge oil reserves, yet to be fully harnessed. The growing demand for crude oil across a developing country like India makes it mandatory that they try to harness the oil reserves present in the region. This could make India more self-reliant with crude oil supply and lessen its crude oil imports from other oil exporting countries. Precious foreign exchange for the country would be saved, resources presently being lost due to oil imports. Many foreign oil companies like BP and others have struck deals with the Indian oil companies to harness the huge oil reserves present within the country.

Thus, the future of the oil drilling business in India seems to look very bright; the government has also shown a keen interest in developing the oil reserves and to increase the nation’s crude oil supply. This means that India will become self-sufficient in terms of oil supplies within a short period of time, hopefully, once these oil drilling projects are commissioned.

- Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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