Washington, DC: Intensifying efforts to attract more foreign investment in the oil and gas exploration industry, Petroleum Minister Murli Deora just ended a five-day visit to the US. India says its New Exploration Licensing Policy has already led to 30 hydrocarbon discoveries around the country.
At meetings in Houston and Washington, DC, Deora invited US companies to consider 55 new blocks up for global bidding.
Deora made a case for investing in energy exploration in India at a road show in Houston last week.
Speaking in Washington DC on Tuesday, he said industry heavyweights like ExxonMobil, Chevron and Texaco had been briefed about the new oil and gas blocks up.
"We have made new Bill and the Parliament just past Bill where there is total transparency, no favoritism, whether the bidder is the Government or India or private sector or foreigner with 100 per cent participation. So we have opened up in the real sense the globalisation of the Indian economy," says Deora.
Deora also addressed the US Energy Association, a powerful group of more than 150 energy companies. He said the offer would allow for 100-per cent foreign investment by the bidding company. He also pointed to promising prospects for investors.
Samuel Bodman, US Secretary of Energy says, “There has been some success in gas and exploration in India and he was able to point that out. I would hope that we would have a good response and we would have interest in American companies.”
Company like Chevron says they are interested. Apart from oil exploration, the multi-billion dollar company is also interested in building an LNG market in India.
“We have got an aggressive exploration program around the world. I think data shows we have had best exploration program in the last few years. We are certainly interested in reviewing the blocks that the minister is putting up for bid and we will be and with some luck we will be successful but we will take it very seriously, says Peter Robertson Vice Chairman, Chevron.
Bidding for the new blocks is expected to open in July and will continue till September.
So far none of the 32 US oil companies that attended the Houston road show has so far committed to entering the Indian oil and exploration market.
But Deora says the India Government is offering its firm commitment to a free and fair investment environment and remains hopeful of a positive response.
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