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South Asia

Mar 23, 2005

Petronas eyes Indian oil, gas exploration

KUALA LUMPUR - Malaysia's leading oil company Petronas has evinced keen interest in participating in India's oil and gas exploration.

"Petronas has expressed interest. They have purchased data for some areas. However, the final picture on the number of bidders will emerge after May 31 this year, when offers will close," petroleum and gas officials said Monday while kicking off a two-day road show to promote awareness about oil and gas prospects in India.

The Road Show is part of the Indian government's recent initiative to launch the fifth New Exploration Licensing Policy to give a boost to investment in the country's oil and gas sector.

"We need new ideas to get more oil and gas. We need your ideas as well as your investment," Petroleum and Natural Gas Secretary SC Tripathi told a large gathering of executives from oil companies and related fields here.

India is offering 20 oil blocks (both offshore and onland) to companies interested in bidding. Before coming to Kuala Lumpur, road shows were held in London, Houston, Calgary, Dubai, Amsterdam, Moscow and Perth.

"The Indian story is getting better. People have started taking a closer look at India today especially the oil and gas exploration area," Tripathi said, referring to the overall positive response the road shows had received.

(Asia Pulse/PTI)

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