INTERNATIONAL

India May Allow Private Oil Field Development: Foreign and private Indian companies may be allowed for the first time to develop discovered oil fields in the country, a senior Petroleum Ministry official has said. “There is a decision in principle to consider proposals for developing discovered oil fields on a joint venture basis with ONGC (the state-owned Oil and Natural Gas Commission),” said Naresh Dayal, joint secretary for oil exploration. The move is a major departure since only public sector companies are currently allowed to develop discovered fields. India is making a big effort to attract new capital and technology to its flagging oil industry.