New Delhi: India’s annual capital spending on developing oilfields will fall from next year, shrinking by about a fifth by 2030 in the absence of major discoveries, which will lead to a drop in domestic oil production and expand dependence on imports, according to the International Energy Agency (IEA).
Capital expenditure on developing oil projects is estimated to drop below $3.5 billion in 2030 from around $4.3 billion in 2024. The estimates are based on the current pipeline of upstream projects, said Toril Bosoni, the head of oil markets at IEA.
