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Fuel card news: Indian oil production increases

02 June, 10
Oil output from platforms off the coast of India increased by seven per cent in the 2009-10 financial year, it has been announced.

Official figures released by the United Progressive Alliance coalition government revealed that private firms Reliance Industries and Cairn India were chiefly responsible for the rise, adding 4.5 million tonnes of the commodity over the last year.

According to the Rediff Business website, the report said: "Great emphasis has been placed on enhancing energy security through rapid exploration of domestic oil and gas reserves, combined with acquisition abroad and enhancement of refining capacity."

The administration also claimed high domestic production had gone some way to protecting Indian consumers from volatile international prices, which have fluctuated between $70 and $80 a barrel for the last few months.

Yesterday (June 1st), Reuters reported that Enbridge, the company behind the Northern Gateway oil pipeline to Asia, had admitted the scheme is unlikely to satisfy rising demand in the region.

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Posted by Tammy BrooksADNFCR-2675-ID-19812950-ADNFCR

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Fuel card news: Indian oil production increases