India Can’t Drill Solo to Meet Oil Supply Goals, WoodMac Says

India needs overseas help to raise production from its aging oil fields and meet its goal of lowering crude imports by 2022, according to consultant Wood Mackenzie Ltd.

The country’s exploration companies such as Oil and Natural Gas Corp. Ltd. and Oil India Ltd. should consider partnering with overseas counterparts to boost oil recovery from their mature assets in the short term in order to reach Prime Minister Narendra Modi’s goal of cutting imports by 10 percent in five years, Neal Anderson, president of Wood Mackenzie, said on Tuesday. Seeking to raise output through only new discoveries will take too long, he said.

“Opening up exploration has such a long lead time,” Anderson said. “And it will not meet the five-year timeline”…

 

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