India is urging its oil companies to expand overseas to meet the soaring demands of its growing economy. India 's massive dependence on imported oil has prompted the country to look for energy assets overseas.
Prime Minister Manmohan Singh told a petroleum conference Monday in New Delhi that over the coming decade, India 's demand for fossil fuels is set to increase massively. He said domestic production, though rising, will not keep pace with this demand.
"In India, the demand over the next 10 years will increase by about 40 percent, whereas the increase in supply from the maturing oil fields is expected to be about 12 percent," said Sing.
