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More foreign investment required to develop India's oil sector: Naik

Minister for Petroleum and Natural Gas Ram Naik on Friday called for more foreign investment to develop the hydrocarbon sector in the country.

Inaugurating an international seminar on the development of new technology in deep water exploration and production of natural gas and petroleum, Naik said the government would continue to play the role of a "promoter" in this sphere and the private and the public sectors had been assigned a major role.

The government realised that more efforts were required to attract private foreign investors to the exploration and production activities keeping in view global competition.

Accordingly, the New Exploration Licensing Policy initiated by the government was an unprecedented success.

25 blocks were offered to various companies in seven months. The exploration and production companies were evincing keen interest in exploring 'deep waters in the country. Bids had been received for all the eight Deep Water Blocks. The government took pride in promoting companies in the deep water region, he added.

Over 300 international experts are participating in the seminar, the first of its kind in the country, being organised by the Institute of Oil and Gas Production Technology, ONGC and the Oil Industry Development Board.

Among the subjects for discussion were global scenario on exploration in the deep water with particular reference to India which imports 70 per cent of its requirement of petroleum products different projects and new technologies in subsea production of natural gas and petroleum were also discussed.

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