Innovation And New Technology To Improve Oil And Gas Production
London (PIB-GR-TYP-BIN): The Minister of State (I/C) for Petroleum & Natural Gas Mr. Dharmendra Pradhan has invited the foreign investors to participate in the Discovered Small Fields Bidding Round – 2016. Speaking at the road show in London on Sep 12, he said that the huge energy market in India provides unique opportunity to invest in Indian oil and gas sector.
The Minister said these 67 Small Fields were discovered long back but could not be monetized mainly due to restrictions in government policies. Now, 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 programme. The new policy is based on revenue sharing contract model with the aim of simplifying the operating regime and making it more transparent.
Giving a perspective of the paradigm shift in India, in general, and oil & gas sector in particular ever since formation of the new government, Mr. Pradhan said India has now become a bright spot of hope and opportunity in the world. While, there has been the surge of investments from around the world, there has been a sharp rise in India’s ranking on ease of doing business. India has become pool of investment opportunity in downstream and upstream sectors.
Highlighting major reforms in the oil and gas sector, Mr. Pradhan said, the Government is following principles of Enhancing production; Attracting investment and technology; Generating employment; Transparency; and Minimizing administrative discretion. Oil and gas sector has also been identified as the major national initiative under ‘Make in India’ policy reform. Hydrocarbon Exploration and Licensing Policy has been launched to make future exploration bidding rounds more attractive for investors.
Mr. 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.
In the London Road Show, various presentations were also made before the distinguished audience by Directorate General of Hydrocarbons, ONGC and knowledge partners. The Minister also inaugurated London Data Room.