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Exxon Mobil India announced Tuesday that it wants oil sector giants ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX), among others, to bid and explore for oil and gas in the country, on concerns that oil may hit $150 per barrel, Bloomberg News reported.

India, Asia's third-largest oil consumer, does not have the technology to search for and extract oil/gas from deep waters and in remote regions, and the nation is concerned that rising energy demand and rising prices will complicate the access to energy it needs to sustain its growing economy.

Predicts $150 oil

"In the next two to three years we expect prices to reach $150 a barrel," India's Oil Secretary M.S. Srinivasan told Bloomberg News on Tuesday. "Given this scenario, we are putting in more efforts in our exploration and production.''

Oil rose $1.75 to $96.75 in mid-day trading Tuesday. Oil rose an alarming 57% in 2007 and reached $100.09 on January 3, 2008. Oil hit an all-time high, in inflation-adjusted terms, of $102.80 in April 1980.

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Permalink | Email this | Comments]]>$150 oilAsiaChevronCVXemerging marketsExxonMobilglobal oil demandglobal oil suppyIndiaoiloil explorationoil pricesOPECpeak oilXOMTue, 08 Jan 2008 16:22:00 EST