Pradhan to Lead Roadshow in Singapore to Bring FDI

Singapore: Union Petroleum Minister Dharmendra Pradhan will lead a roadshow on Friday, offering international investors 625 million barrels of oil and gas resources for exploitation.

As part of the government's global industry outreach plan, the Ministry of Petroleum and Natural Gas (MoPNG) along with Directorate General of Hydrocarbon (DGH) is organising an interactive meet cum roadshow on 9-10 September here.

As a key facilitator, the Indian Government has rolled out significant reforms to reduce the regulatory risk and the industry shall find the revised guidelines and processes attractive for the current bid round, according to a DGH press release.

Pradhan will also meet Asian oil and gas industry leaders to attract Foreign Direct Investment in the Indian hydrocarbon exploration and production (E&P) sector.

"During the meetings, Pradhan is expected to highlight the paradigm shift in the policy regime for the exploration and production sector in India and the improved investment environment for E&P companies under the new Hydrocarbon Exploration Licensing Policy (HELP) which emphasises on improving the ease of doing business and operational autonomy to attract investment," the release said.

Pradhan believes that with the new policy regime and infusion of innovative technology, India can achieve Prime Minister Narendra Modi's vision to reduce India's oil import by 10 per cent over the next 5-6 years.

The new HELP regime is based on a revenue sharing model that addresses various industry concerns that led to slow down in E&P investments in earlier Production Sharing Contacts (PSC) regime, the DGH said.

The Singapore roadshow also aims to generate significant interest among the oil and gas companies/investors operating in countries like Indonesia, Thailand and Malaysia.

"The response received so far has been encouraging and India is hoping to receive significant investments from Asian based companies," the DGH said.

Roadshows were also held in various Indian and international locations such as Houston, Calgary and Dubai.