India’s oil and gas minister Dhamendra Pradhan is in London, hoping to find interested oil firms to invest in the country’s oil and gas sector through participation in the recently announced Discovered Small Fields Bidding Round – 2016.
Speaking at the road-show in London on Monday, he said that the huge energy market in India provides unique opportunity to invest in Indian oil and gas sector.
Pradhan said the 67 small undeveloped fields were discovered long back but could not be monetized mainly due to restrictions in government policies.
Now, he said, progressive policies have been ushered in and private and foreign investments are being proactively facilitated.
Small fields provide an investment opportunity in already discovered fields with no signature bonus, no requirement of prior technical experience and no mandatory work program. The new policy is based on revenue sharing contract model with the aim of simplifying th operating regime and making it more transparent.
Sh. Pradhan said that Ministry of Petroleum & Natural Gas is looking at London and UK for bringing in not only investment but also innovation and new technology to improve oil and gas production from these fields. He assured the investors of all possible support.
Since the launch of Bid Round on 25th May, 2016 in New Delhi, multiple interactive meets across India and various international locations – Houston, Calgary, Dubai and Singapore have been conducted for the Bid Round 2016.