India does have major hydrocarbon potential, there have been some major oil discoveries in the past years example 2002 Cairn energy found 2billion barrels of oil in Rajastan with a potential of tapping 1.3billion barrels, Reliance found a major gas field offshore bay of bengal (KGbasin)known as Dhirubhai block, the gas is intented to flow by 2008 for commercial use, GSPC also found gas in KG basin, Cairn found oil in Rawa block which was previously operated by ONGC, Cairn where actually drilling a water injection well when they encountered massive Oil reserve, Hardy oil has found gas currently, ONGC has found oil reserves in the Mahanadi block, and all these blocks were given in Pre-NELP (New Exploration Licensing policy) currently NELP-VI is been announced hence there is a good potential but it is the investment that Indian companies are lacking as to drill an exploratary well in deep water will cost $60m and its always not one well leads to a find companies need to drill atleast 6 wells in the block supported by good geological surveys to hit black gold as such investments are not possible by Indian companies we need likes of Exxon, shell, BP in the fray and Indian companies are tieing up with them to get the technology, currently ONGC has tied up with ENI, Indian basins are rich the Bengal fan(bay of bengal) and the arabian fan (arabian sea have immense potential western geologist love to study the sedimentation of these basins and are very opptimistic its just in India that everyone are into IT which is just an overspill of european market and our youths are proud of it, We need youths taking up petroleum , geology as subjects and specilise so as to tap the immense wealth India has hidden, its a treasure hunt, and no alternative energy can run this world its just oil and thats the reason America ,UK, have dominated the energy market by just providing technology witouth these technologies middle east wouldnt be producing at this level and all the companies run in the middle east are western none indegeniuos Aramco is part owned by americans. so India just need to devolop its potential at the same time bid for blocks overseas which currently indian companies are doing ONGC videsh, OIL, GAIL, Reliance etc.
