Pradhan to lead Min of Petroleum and Natural Gas roadshow in Singapore
The Dollar Business Bureau
Union Petroleum Minister Dharmendra Pradhan is leading a roadshow to Singapore on 9th September. The roadshow is intended as a part of the outreach plan by the Min of Petroleum and Natural Gas along with the Directorate Genl of Hydrocarbon (DGH), to offer international investors 625 million barrels of oil and gas resources. The roadshow cum interactive meet will be held on 9th and 10th September. This roadshow is aimed at attracting investors from Malaysia, Thailand and Indonesia.
The Indian Govt as a part of its outreach is offering significant reforms to reduce the regulatory risk and is hoping that the industry and the investors will find the revised guidelines and processes attractive for the current bid round. During his visit to Singapore, the minister is likely to meet oil and gas leaders to attract FDI into the Indian hydrocarbon E&P sector.
The official release by DGH says, “During the meetings, Pradhan is expected to highlight the paradigm shift in the policy regime for the exploration and production sector in India and the improved investment environment for E&P companies under the new Hydrocarbon Exploration Licensing Policy (HELP) which emphasises on improving the ease of doing business and operational autonomy to attract investment.” The new HELP policy drafted by the ministry addresses various concerns that the industry faced leading to a slowdown in the exploration and production sector through the earlier production sharing contracts regime (PSC).
The minister harped on the belief that with the new policy regime and infusion of innovative technology, the ministry could live upto the Prime Minister’s vision of reducing the country’s oil imports by 10% over the next 5-6 years. "The response received so far has been encouraging and India is hoping to receive significant investments from Asian based companies," the DGH said. Similar such roadshows were held in various Indian and international cities such as Dubai, Calgary and Houston.
to success.