Thursday, Aug 25, 2016

Abu Dhabi: Nearly a dozen companies from the UAE are planning to bid for the development of small oil and gasfields in India, according to a senior official from the India’s ministry of petroleum and natural gas.

“We have received good response from the investors. About 10 to 12 companies have come forward to invest in the development of small fields and take part in the bidding round which closes at the end of October,” said R.K. Sinha, a chief technical officer in the ministry of petroleum and natural gas.

Sinha along with other officials from the ministry are on a visit to the UAE to seek investments in India’s oil and gas sector. They held a roadshow in Dubai on Tuesday and interacted with prospective investors to explain to them the bidding process.

According to Sinha, the development of 67 discovered small oil and gasfields located in different parts of India provide an investment opportunity of more than $3 billion to the energy companies.

“The demand for energy is growing in India and we need investments to develop these fields which have the potential to produce 625 million barrels of oil,” he said.

India and China will account for about half of global energy demand growth through 2040, with India’s energy demand growing at 3.2 per cent year, according to India’s Make in India website, quoting Energy Information Administration report.

India imports most of its oil with slightly more than 20 per cent of its requirement being produced locally. The country’s current production is about 37 million metric tonnes.

The visiting delegation also held discussions with the Abu Dhabi National Oil Company (Adnoc) officials on oil storage in India’s strategic petroleum reserves. When contacted by Gulf News, an Indian official refused to divulge details about the talks.

By Fareed Rahman Senior Reporter

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