India makes strong pitch to major U.S. firms for investing in oil and gas production
The Hindu
India, also being the 2nd largest refiner in Asia with 23 refineries, will increase its refining capacity.
Favourable geology, open data access, supporting policy regime and ease of doing business were the major drivers to attract potential U.S. players to invest in India’s energy and petroleum growth wave during a two-day investors meet held here.
The investors meet from September 28-29, showcasing the lucrative fiscal policies and conducive environment of energy and petroleum (E&P) sector, that has seen a paradigm shift in policies aimed at attracting investors for investment was organised by Directorate General of Hydrocarbons (DGH) under the aegis of Ministry of Petroleum and Natural Gas (MoPNG) and facilitated by Houston Consulate General of India.
MoPNG Secretary Pankaj Jain, in his keynote address to potential investors from over 50 companies; oil and gas majors, financial institutions, private equity firms, service providers and academicians, made a strong pitch to investors interested in doing business with India.
He discussed India's strength and role in the global energy ecosystem and highlighted India as the destination of energy opportunities.
Mr. Jain spoke on the latest offering of discovered fields, ease of doing business for bidding and assured an open-door policy to resolve any issue faced by the industry as he sought foreign and private investments to boost domestic oil and gas production.
“India is the world's 4th largest oil importer and the demand is expected to rise driven by an increase in India's per capita consumption of energy which currently stands at one-third of the global average. India wants to be the new destination for global energy players. Oil producers worldwide are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows," he said.
“India is exploring the multiple attractive opportunities in the energy sector as it seeks to ensure reliable, affordable and sustainable energy to its growing population, 40% of the working age population is aged between 15-35 years. It is the large growing economy and will be the main driver of rising demand for energy over the next two decades, accounting for 25% of global growth”.
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