'Policy for quick oil fields exploration abroad'

New Delhi, Jan 16: The government today said that it has put in place a strategy to enable faster exploration and acquisition of oil fields abroad.

Calling it a multi-pronged strategy, Petroleum and Natural Gas Minister, Murli Deora, said that it would enable faster exploration and acquistion of oil fields in foreign countries where India already has interests.

"The distinctive features of the multi-pronged strategy include faster exploration of domestic sedimentary basins to enhance indigenous production of fuel from the existing producing fields, acquisitions abroad to supplement domestic production and development as well as commercialisation of alternative fuels," Mr Deora said in his address at the ongoing Petrotech 2007 here.

''We have made substantial progress in the restructuring of the petroleum sector with a conscious and determined policy shift to a competitive market economy including increasing private sector and international participation in all important segments of the industry,'' the minister said.

The minister said the investment in the oil and gas sector is expected to be higher in the eleventh Plan by 60 per cent over the outlay of Rs 1,50,000 crore (33 billion dollars) in the previous Plan.

He said the Tenth Plan investment outlay includes 13.05 billion dollars in the upstream and 8.05 billion dollars in the down stream sector.

There is also vast investment opportunities for all the players in the oil industry in India. He said of 32 billion tonnes of prognosticated hydrocarbon resources, only one-fourth has been established so far.

Mr Deora added that NELP launched in 1997 provides level playing field to all operators including NOCs.

The minister underlined the main objectives of Petrotech Exhibition - 2007 which is focusing on the Indian oil and gas industry in the context of global trends as well as knowledge exchange in emerging technologies in the area of oil and gas exploration and production.

A large number of companies are participating in the exhibition which includes leading oil companies from India and abroad.

UNI