Indian energy giant Reliance Industries' top upstream official stated that $60 a barrel is the "right" price for valuing potential oil exploration acquisitions as prices are expected to push up by 50 percent in coming few years.

Atul Chandra, who is charged with driving Reliance's upstream expansion, stated:

For the current scenario, $40 is a fair price for valuing a producing property but for long-term, meaning four to five years, $60 is the right price.

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