India, it had increa6ed only sPoradicatly in the second group of countries that had also registered a siqniftcan! laPerinq otf atter 1981'A/40/63'1 English Paqe 6 19. Muctr of the petroleurn exploratlon and developnent in the developing world wascarried out by State pelroleun enterprlses, ui[h eiCher local financing or lhroughborrowing frorn the conmercial banka of the developed r.ror ld or multilateral agencies such as lhe l{orld Bank, The rol,e of the transnaeional oil corporations, however, rernained important, and rnany developing countries had revised lheir policies sincetbe beginning of the 1970s in order to attract nore priuate sector investnent inthis fierd. rn this connection, it was noted that the area under licence to theoil corporations had increased five fold since lgZO in all regj.ons of thedeveloping world. 20. rt was also noted that the increase in oil prices since 1923-1974 gave rise toa world-wide surge in exploration and developnent, with capital expendit.ures innarket econoniea rising fron gB,0 billion in l97O ro $9g,7 billion in 1982. Theunited states and canada accounted for over 60 per cent of the noney spent in 19g2,and $lestern Europe another 12 per cent.
**Analysis**
The text discusses the exploration and development of petroleum resources, the role of state and private enterprises, and the impact of oil prices on the global economy. It seems to be focused on the economic aspects of the oil industry, particularly in the context of developing countries.

**Category**
Economic development, Natural resources and environment