Hardeep Singh Puri urges firms to invest in Indian exploration and production sector

Oil Minister Hardeep Singh Puri has urged private and foreign companies to invest in the Indian exploration and production sector as the country was at the centre of global energy demand expansion.
The minister also assured companies of all possible help in overcoming any business hurdle.

“The Government stands ready to partner with you both in the identification of what remedial steps we need to take in the ecosystem, and then work with you in overcoming those hurdles,” Puri told a gathering of investors.

Puri, who has recently assumed charge of the petroleum ministry, heard the views of representatives of several companies, including BP and ExxonMobil, and urged them to “intensify their interest” in India. “Indian economy is poised to take off and grow in a manner which is very difficult for people to sometimes comprehend,” he said, adding that energy was central to the economic growth.

India depends on imports for 85% of its oil needs and has reformed its exploration policies with an aim to turn them investor-friendly.