According to a senior official from India’s ministry of petroleum and natural gas it has been stated that a lot of companies from the UAE plans on bidding for the development of small oil and gas fields in India.
A good response is already in place from investors which entails between 10-12 companies to invest in the oil and gas fields. A bidding will also occur by the end of October.
A roadshow occurred in the UAE last Tuesday in which R.K.b Sinha (Chief Officer in the ministry of petroleum and natural gas) and other officials from the ministry had an interaction with prospective investors about the bidding process.
The Energy Information Administration report also shows the growing demand for energy. Which is growing at 3.2%. It has been also stated that the development of 67 small oil and gas fields will provide an investment opportunity of more than $3 billion to energy companies.
India also imports most of its oil of which only 20% is produced locally and production is currently 37 million metric tonnes.
The delegation that is currently in the UAE also had a discussion with Abu Dhabi National Oil Company. The discussion was centered on oil storage for India’s strategic petroleum reserves.