(ET)
India aims to invest in producing oil and gas fields abroad to compensate for falling domestic output and to help reduce the impact of oil price volatility, the oil minister said on Tuesday.India, the world’s third biggest oil consumer, imports about 80% of its oil needs, making it highly susceptible to crude price swings. “Today we are very much focused to invest in producing fields,” Oil Minister Dharmendra Pradhan said, adding that the eastern part of Russia was an area “we are concentrating on.”He said India was negotiating with Russia’s Rosneft to invest in eastern Russia.
