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| Saturday, 14 August 2004 |
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Oil find in western India to ease reliance on imports slightly AHMEDABAD, India, Friday (AFP) India's reliance on oil imports could ease marginally with the recent discovery of crude in the western state of Gujarat, an official of a state-run petroleum company said. The Gujarat State Petroleum Corporation (GSPC) announced its find in Dholka town, 30 kilometres (nearly 20 miles) south of the state's commercial capital Ahmedabad. The firm's managing director, Jagadish Pandian, said the block could yield up to 1,000 barrels of crude per day. "The oil find in Dholka town will slightly ease the import bill with the international price of crude ruling at 45 dollars a barrel," Pandian said. "It will also ensure stable supply of crude in the Indian market," he said. The total value of the oil find is estimated at 200 million dollars and is expected to be recovered over a period of three to four years. India imports nearly 70 percent of its oil needs, producing just 30 per cent. GSPC, which won the contract for exploring in the area in July, 2001, began drilling in the Ahmedabad Exploration Block in Dholka town in May 2003. |
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