/24-7PressRelease/ - January 30, 2008 - Rumors emanating from the ranks of Unicorn Ventures claim that the firmâ s interest has been greatly aroused following news from one of Indiaâ s largest oil exploration companies.
Sources say that Analysts at Unicorn Ventures have no made no secret of their feeling that there is a great need for increased oil output in order to meet the demand of the Asian nation. Oil imports by India, Asia's third-biggest oil consumer after China and Japan, are set to rise as refiners expand capacity to meet fuel demand. India imports three-fourths of its crude oil requirement.
Recently, Oil & Natural Gas Corp., India's largest oil explorer, announced the approval from its board on a plan to spend 57.13 billion rupees ($1.44 billion) in order to boost output from its biggest field and meet the Asian nation's rising demand.
The spending is expected to yield an additional 22 million tons of crude oil over the estimated life of the Mumbai High field, the New Delhi-based company said in a recent statement.
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