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Indian oil companies pressurising Western energy companies
By siliconindia staff writer
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Tuesday, 11 January 2005, 20:30 IST
NEW DELHI: Huge western oil behemots are now facing a new kind of pressure. Not from the increasing oil prices but from the Indian oil companies who are now dealing independently with the governments of oil-producing countries.
A reputed journal reported that, in a string of recent deals, India has displayed "clout, funds and stomach for risk".
"Over the next 10 years,Indian oil companies will emerge as major players in the global oil industry. It reflects the reality of economic growth and the scope of India in the world oil market," Oil historian and chairman of Cambridge Energy Associates in Cambridge, Massachusetts, Daniel Yergin has been quoted as saying.
The report further said, Indian energy companies want bigger slices of the global oil patch.
The report also acknowledged that India is the world's fastest-growing car market and thus in turn is driving oil consumption and imports.
According to the International Energy Agency forecasts, oil demand in India will grow by 1.8 per cent a year between 2000 and 2030, the highest of any region in the world.