India holds talks with countries on oil sector
India Blooms News Service
New Delhi, Mar 31 (IBNS): Indian delegation led by Murli Deora, Minister of Petroleum and Natural Gas, had a series of bilateral meetings with delegations of different countries on the sidelines of the 12th International Energy Forum (IEF) meeting at Cancun, Mexico, on Wednesday (March 30 Cancun time).
In a meeting with US Deputy Secretary of Energy Daniel Poneman, US offered to continue its cooperation in the field of frontier area of gas hydrates for undertaking second expedition by India building on the success of the first expedition.
Similarly US success in utilising Shale gas to significantly augment its natural gas production was seen as potential area where US experience could come handy in identifying such resources in India.
Indian side underlined the important role of US in stabilising oil prices. As both are oil import dependent countries, this would serve common interests.
In its meeting with Kuwaiti delegation, Indian side emphasised on more crude oil supplies and crisscross investments.
Deora informed his counterpart from Kuwait, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, that India is raising its refining capacity significantly which would soon rise to about 250 million metric tonnes.
He added that the India looks for greater oil supplies.
Suggesting mutual investments, India invited oil companies of Kuwaiti to invest in the
upcoming petrochemical projects of ONGC and IOC at Mangalore and Paradip.
Deora also extended an invitation to Al-Sabah to visit India.
The third bilateral meeting was held with the delegation of host country led Georgina Kessel Martinez, Secretary of Energy of Mexico.
Deora expressed keen desire of India oil companies for participation in the Mexican upstream sector and conveyed India’s growing need for crude oil with increase in refining capacity.
Mexican side informed that their laws presently permitting exploration and production on service contract basis are under review.
The incentive based system under consideration would help attract more investment which Indian companies could also utilise.
Indian side referred to the presence of Indian National Oil Companies in the upstream sector of nearby countries of Brazil, Venezuela and Columbia.
Deora in a bilateral meeting with his counterpart from Indonesia Darwin Zahedy Saleh conveyed India’s interest in sourcing LNG from Indonesia.
Indonesian side stated that the present LNG capacities are tied-up and informed that there could be a possibility later for cooperation in this area.
Responding to Indian interest in the Indonesian upstream sector, it was informed that
Indonesia would soon come out with new biddings for exploration blocks.
This would offer an opportunity for Indian oil companies to participate. Deora is accompanied by Petroleum Secretary S Sundareshan, CMDs of ONGC and IOC and MD ONGC Videsh.
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