India is one of the few countries actively exploring new oil and gas fields during the global fall in oil price and offers significant opportunities for Scotland’s oil and gas sector.
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Other incentives offered under this policy include no cess on the oil production, upto 100% participation by foreign companies, moderate royalty structure, customs duty exemptions and complete marketing and pricing freedom for the sale of produced crude oil and natural gas, no mandatory work program or relinquishment of contract area, operational autonomy and limited regulatory burden enabling provision for sharing of infrastructure and flexibility for unit development in case of reservoirs extending beyond contract area for joint development.
Dharmendra Pradhan is also slated to meet British Energy Minister Greg Clark and the Scottish Energy Minister in Aberdeen, the statement added.
India’s Petroleum Minister Dharmendra Pradhan expects the demand for crude oil in the country to rise in excess of 11 percent this year, thanks to “better monsoon rains” and growth in economic activity. “It is also a major financial centre in Asia from where FDI and foreign equity investors can invest in Indian oil and gas sector”.
According to the International Energy Agency, India will top the list of the largest oil consumers in the world this year, surpassing China and the US thanks to its drive to become the next major economic hothouse, after China shifted course to a more service-oriented economic model. “About 200 delegates and potential investors participated in it”, Pradhan tweeted.
He was confident of attracting global investors, saying worldwide energy companies were eyeing the Indian market, which has the fastest energy demand growth in the world.
Pradhan said India has now become a bright spot of hope and opportunity in the world.
“When we are talking about free and transparent policies, we have to open our market”.
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Since the launch of bid round on May 25 in New Delhi, multiple interactive meets across India and various worldwide locations – Houston, Calgary, Dubai and Singapore have been conducted for the Bid Round 2016. India has introduced transparent policies through the deregulated market for global investors to invest in refineries and petrochemical plants. He has brought a delegation of senior ministry officials and chief executives of corporations in India to see how Singapore had developed the Jurong Petrochemical complex among other energy facilities. Its objectives are to develop deeper relationships with companies here. Indian Oil Petronas Pvt Ltd (IPPL) has proposed to expand its LPG terminal at Haldia, West Bengal, from 31,500 tonnes to 36,900 tonnes. “Based on the recommendations of the Expert Appraisal Committee (EAC), the Environment Ministry has given the environment clearance to IPPL’s LPG terminal expansion project at Haldia”, a senior government official said.
