In India, there is an emerging middle class and they are aspirational. India’s prime minister, Narendra Modi , wants the country to cut its import dependence. The companies are resuscitating a partnership born in 2011, encouraged by several government reforms, including the freedom to price and market natural gas.BP is one of the few global majors that have invested in India’s oil exploration. Some of the world’s biggest including Exxon Mobil Corp. have shown interest in exploring for oil in the country in the past, but not proceeded further. The government is in discussion with companies and will come out with a policy “very soon,” he said.“India’s oil and gas recovery is very modest in existing fields,” Pradhan said.

Source: Economic Times July 12, 2017 10:48 UTC