Deora asks US cos to use investment opportunities in NELP-IV

By Staff
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Google Oneindia News

New Delhi, Mar 31 (UNI) Petroleum Minister Murli Deora today called upon the US companies to make use of the attractive investment opportunity provided by India in the form of 55 exploration blocks offered for global bidding under 6th round of New Exploration Licensing Policy (NELP-VI).

Speaking at the Road Show held at Houston, US, Mr Deora said the response of US companies had not been encouraging in the past which should change as there was a sea change in the policy framework and investment environment in India.

He assured his fullest commitment to the transparency, speedy decision-making, providing all facilitation to the companies participating in the E&P sector in particular and petroleum sector in general, an official release received here said.

The current offer comes in the midst of several hydrocarbon discoveries particularly after the NELP launch. NELP has resulted not only in trebling area under exploration acreage but has also led to 30 hydrocarbon discoveries adding about in-place reserves of 515 million tonnes of Oil and Oil Equivalent Gas.

Referring to the Petroleum and Natural Gas Regulatory Bill (PNGRB), passed by Parliament recently, he said the initiative added to the stability in policy framework. Mr Deora also had one-on-one meeting with the Chairman and CEO of ExxonMobil, Mr. Rex Tillerson.

In his address, Mr Joe Neuhoff, Director for Energy and Environmental Industries, US Department of Commerce, extended support to the companies deciding to invest in the Indian hydrocarbon sector in general and E&P sector in particular.

He referred to the growing friendly relations between India and the US, pointing out to the successful exchange of visits by the Heads of Government in recent past which include the visit of Prime Minister Manmohan Singh to the US in July 2005 and the visit of President George W Bush to India in March 2006.

Mr Neuhoff also underlined that the US Government recognised growing market of India its increasing energy requirements and the stable policy framework in the context of booming economy which were encouraging signs for corporate entities.

He invited US companies to contact them for any clarifications/queries in this regard.

M Deora is leading a high-level delegation to Houston to hold the Road Show for promoting investment/participation in the 55 exploration blocks which include 24 deepwater blocks, 6 shallow water blocks and 25 onshore blocks. This offer covers the highest ever acreage of 352,000 sq km., nearly 12 per cent of the Indian sedimentary area.

As many as 72 international companies attended the Road Show, including all the major oil companies from US. The major companies included ExxonMobil, Chevron Texaco, Conoco Phillip, BHP (Australia), Anadarco, Shell, BG, Cairn Energy, Occidental, Geoglobal Resources (Canada), Western Geophysical, GS Technologies, Marathon, and Seata Resources.

UNI YJ SR HT1905

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