India highlights possibilities in hydrocarbon sector at WPC

7 December 2011: The Petroleum Ministry is leading the Indian delegation to the 20th World Petroleum Congress (WPC) that opened in the Qatari capital Doha on Monday, highlighted the tremendous investment opportunities in India's oil and gas sector. The prospects of the Indian sedimentary basins, a large unexploited resource base.

Scope for infusion of technology across the value chain, expanding pipeline infrastructure, upcoming city gas distribution networks, availability of skilled manpower, well established independent judiciary and a stable democratic government were the key attractive features for investment in India. Several Fortune 500 companies in public and private sectors with high technological capabilities provide great opportunities for forging partnerships.The India's hydrocarbon sector offered immense opportunities for investments and reaping benefits. The liberal and investor-friendly policies, a developing economy with a fast growing energy market have made many companies to take notice of the potential. On the New Exploration Licensing Policy (NELP), the process of awarding exploration blocks of 9th bid round will be concluded shortly. More than two dozen overseas firms were working in E&P sector which include global majors, he added.

Stating that growing Indian economy required massive energy inputs, he said the country was looking for long-term sourcing of LNG with LNG producers. At the same time, the Indian companies were also looking for investment opportunities in LNG plants in producer nations. Qatar has been India's long time partner country in this area and India is keen to have more Qatar like relationships to source LNG.

India also recorded major successes as its candidates won elections for different posts in WPC committees. Dependra Pathak, Director Ministry of Petroleum and Natural Gas, was elected as member Congress Program Committee for 21st World Petroleum Congress. Ms Vasudev, Director HR of HPCL was elected Vice-President of the youth and gender, executive committee of the world Petroleum Council.

Source: Nasdaq online