For close to 5 decades, it was left to the PSU companies to carry out the exploration - it is there for each one of us to see what the result has been. It was of course not the fault of the PSU companies that they stagnated, mired that they were deeply in bureacratic interference and deep corruption in these organisations at all levels. They were happy to be where they were, leading to a state where we had to depend on imports doling out precious hard currency.
The actions taken in the post liberalisation period has allowed the private players to scout for oil and gas. It requires huge investments, which earlier the Govt was not ready to sanction to the PSUs. Now with more professional commitment and the attitude of the Govt having changed, even ONGC is in it in a big way.
We have to remember that, we are the fifth biggest consumer of energy. We cannot really depend on the proposed Iran pipeline that itself is in trouble and which will be at the mercy of the hostile elements in