We don’t need more oil

It was precisely because India’s oil production was stagnating at around 30 million tonnes in the 1990s that the government decided to bring in private players in the mid-90s, the terms for this were later standardised under the New Exploration and Licensing Policy (NELP). While private producers are giving the state-owned ONGC a run for its money, part of this production, or exploration, is from pre-NELP rounds.

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