India invites Canadian investment in oil and gas sector

India invites Canadian investment in oil and gas sector
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First Published: Fri, Feb 01 2008. 11 54 AM IST
Updated: Fri, Feb 01 2008. 11 54 AM IST
PTI
Calgary: India has invited Canadian firms to invest in their petroleum sector under the seventh round of the New Exploration Licensing Policy (NELP) and to make use of the opportunities it has to offer.
“India offers attractive opportunities for foreign investors in petroleum sector under the seventh round of the New Exploration Licensing Policy (NELP),” minister of state for petroleum and natural gas, Dinsha Patel said while inaugurating a road show on 31January.
The road show was a part of the country’s promotional campaign to invite foreign investors to participate in the bidding under its NELP-VII. 57 exploration blocks including 19 deep water, nine shallow water and 29 inland blocks are open for global bidders under NELP-VII. The offer closes on April 11.
The show attracted 120 top Canadian companies including Niko Resources, Canoro Resources, and Geoglobal Resources.
Highlighting the features of NELP-VII, the minister urged Canadian companies to enter into a long-term relationship with India by becoming part of its growing petroleum sector.
Referring to the excellent business relationship between India and Canada, Patel said the trade between the two nations was valued at about $3.6 billion last year and it was at a stage of take-off.
Commending the contributions made by the Canadian firms in India’s petroleum sector, the minister said, production of natural gas from the deep water block awarded in the first round of NELP would commence from June this year, with peak production of 80 million standard cubic meters per day.
The NIKO resource was the partner in this block with Reliance Industries Ltd, he added.
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First Published: Fri, Feb 01 2008. 11 54 AM IST
More Topics: India | Canada | Oil & Gas | Petroleum | NELP |