Eni Delays India Oil Project

Eni

, Italy's largest oil and gas company, is delaying an expoloration project off the coast of India by at least a year because the company is reconsidering offshore drilling following the Gulf of Mexico oil spill. The project is in the Andaman block and is jointly owned by Eni, Oil & Natural Gas Corp. and Gail India. Difficulties in sourcing a rig may also push back drilling until at least the second half of next year, according to Bloomberg News. Eni holds stakes in two other Indian projects.