New Delhi: India is focussed on achieving producing targets of 40 MT of Oil and 50 BCM of gas by 2023-24 and will require an investment of about $50 billion in the next four years, investors were told at a promotional event organised on Friday to showcase upstream oil and gas opportunities in India. The sessions highlighted the array of opportunities available in the Indian E&P sector through OALP bid round-6 and DSF Bid round-III bid which are aligned to Revenue Sharing Contract regime ensuring ease of doing business. The session also focused on fields on offer through Production Enhancement contract.
The event, which was chaired by Amar Nath, Additional Secretary (Exploration), Ministry of Petroleum & Natural Gas, saw participation from leaders of national oil companies, private E&P companies, service providers, Private Equity Firms and Financial Institutions, said an official statement.
In his keynote address, Nath highlighted the increasingly growing positive industry sentiments and signs of steadfast recovery in India's oil and gas sector through transformative reforms introduced by the government. He exuded confidence over the robust growth in energy demand that India is poised to witness and stressed on the growing role of oil and sector in catering to the energy demand in the long run.
Vinay Malhotra, MD, CEO Schlumberger, and Santosh Chandra, CEO, ESSAR Oil and Gas, said that the E&P landscape of India has improved and the service sector is playing a greater role in attaining self-reliance through maximising economic production. Rajdeep Singh, Additional Director General (Coordination), DGH, delivered a presentation on investment opportunities offered through HELP, DSF and incentive structure available in the E&P sector. ONGC also showcased opportunities available through Production Enhancement Contract.
In order to facilitate the operators in terms of financing, an interaction was held between operators and Financial Institutions/Private Equity firms (FI/PE) which was followed by an address by Usha Suresh, Senior Economic Advisor, Ministry of Petroleum and Natural Gas. Dr C Laxma Reddy, Additional Director General (Exploration) stressed on the need for better collaboration between finance, academia, industry and government for improving the E&P landscape.
To provide clarifications to operators and potential investors regarding available opportunities and on any other issue, one on one interaction was also held with government officials, existing Operators, potential investors and PE Firms.
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