Global rigs shortage delays Indian oil and gas exploration projects

A global shortage of drilling rigs is delaying India’s oil and gas exploration projects at a time when the country’s dependence on oil imports has grown to 87% of its consumption, up 10 percentage points in a decade, increasing its vulnerability to the volatility in the international markets.

Indian explorers are finding it hard to source rigs, especially jack-up rigs, for their projects, as high oil prices have pushed up exploration activity globally, leaving more players fighting for fewer rigs, said government officials and industry executives.