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Pradhan invites oil and gas companies to India

Dharmendra Pradhan promises easy trade with India under revised bid guidelines

Policy Pulse
Publish Date: Jul 15 2016 3:32PM | Updated Date: Jul 15 2016 3:32PM

Pradhan invites oil and gas companies to India
In Houston roadshow, Union Minister Dharmendra Pradhan promised ‘transparent regulatory regime’ that will provide greater ease in doing business with India.
The minister said that they recognise that the need of the hour is to increase the domestic energy production by unlocking India’s hydrocarbon potential.
He also promoted the auction of 46 oil and gas fields.
The fields are discovered by Oil and Natural Gas Corporation Limited (ONGC) and Oil India Limited (OIL). These fields will be put on production through various efforts.
Meanwhile, the Roadshow was attended by 50 international oil related companies, including Magna Energy, BP, IHS Energy, Texas Oil & Gas Technology, Nabors, McDermott, Reliance Exploration and Production DMCC, KPMG, Halliburton, Joshi Technologies International, Vega Energy, Schlumberger etc.
In the roadshow, companies such as BG, Cairn Energy, ONGC, RIL etc. also shared their experiences of working in such Indian sectors.
The minister in the roadshow also suggested ways to promote oil and gas assets across the country. Suggestions include easy regulatory administration, pricing freedom for crude oil and natural gas produced from new fields in a transparent manner.
Moreover, currently, bid round is also being held under revised set of industry bid guidelines.
About 67 fields in 46 contract areas, across 9 sedimentary basins are being offered to potential investors through International Competitive Bidding in the oil and gas producing basins.
Out of these 67 fields, 36 are situated in offshore areas whereas 31 fields are on land basins.
Interestingly, the fields contain around 625 million of Oil and Oil Equivalent Gas.  The fields cover around 1500 square kilometers of area.