Petroleum Minister Dharmendra Pradhan on Wednesday urged delegates and world leaders at the World Petroleum Congress in Istanbul to invest in India and said they will receive a “red carpet welcome” if they did.
“The Government of India has brought in a modern, progressive, investor-friendly and world class policy for the next bidding round,” Mr. Pradhan said.
“We call it the Hydrocarbon Exploration Licensing Policy or HELP.” We have introduced a series of reforms in exploration and production sector in India in the last three years,” he added.
“They range from gas price reform, higher prices for gas produced from high temperature high pressure fields and difficult fields, reform in production sharing contract for ongoing contracts, marketing and pricing freedom for coal bed methane, extension for pre-NELP blocks, launching the National Seismic program to complete 2D seismic survey of 52% of remaining sedimentary basins, etc.”
Mr. Pradhan also said the government was in the process of reforming the gas market in India through a gas trading hub and it was working towards a 30,000-km national gas grid.
“I would only add that we have opened up 2.8 million square km. of area for your investment, and I extend the commitment of the Government of Prime Minister Modi that you will receive a red carpet welcome if you decide to invest in it,” Mr. Pradhan said.
The Minister also highlighted the importance of a “responsible price” for crude oil for countries like India that have a huge and rapidly growing energy demand.
He said that In today’s oversupplied market, it is important for producers to understand the perspective of consumers, he said.