Released on = June 23, 2006, 1:49 am

Press Release Author = RNCOS

Industry = Industrial

Press Release Summary = The rapid growth in the Indian economy and its favorable
foreign investment policies has attracted oil & gas investments substantially. And
under the NELP-V, 48 exploration blocks have been opened in the country.

Press Release Body = As per a survey India has the smallest oil & gas reserves in
the world with just 10 billion barrels oil equivalent (BBOE). Owing to rapid
economic growth and appreciable foreign investment policies, India has been able to
lure significant oil & gas investments. With high global demand for oil and rising
prices, countries are showing interest in exploring new oil & gas fields.

As policies were articulated in the fifth round of New Exploration Licensing Policy
(NELP) many international companies have shown interest to come to India to drill
the largely unexplored areas of gas & oil.

The NELP has enabled to open 48 exploration blocks of which 10 are on land and 38
off shore, including 12 deep-water blocks. In addition, companies undertaking
exploration in deep waters and frontier areas will be facilitated with fiscal
concessions for a period of seven years.

In a recent market research report, "Indian Oil & Gas Industry: An Industry
Analysis" published by RNCOS, analysts believe that there are high expectations from
NELP-V in the form of greater participation form existing players as also it would
be successful in luring new companies.

RNOCS has compiled in its report some facts about India's oil & gas sector, which
would attract large foreign direct investment. These are -
· Since 2001, India's refining capacity has been growing at a rate more than 22%.
· While the Jamnagar Refinery is the largest in the country and in the world, it is
expected that by 2007, the country's refining capacity will increase beyond 128MMT
(Million Metric Tonnes Per Annum).

RNCOS through its report, "Indian Oil & Gas Industry: An Industry Analysis" makes an
objective analysis of the Oil & Gas sector in India. It gives detailed information
on exploration, production, and other processes accompanied with annual consumption
figures and future growth prospects. There is a detail overview of the
opportunities, challenges and vital success parameters for the industry's growth.

The market research report provides a comprehensive overview of the oil & gas sector
in India accompanied with the driving forces and challenges faced by it. It makes an
analysis of the forthcoming situation in the industry.

About RNCOS:
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