Ministry of Petroleum and Natural Gas organises a grand Interactive Session in Mumbai to showcase opportunities in the Energy and Petroleum sector
Mumbai, October 26, 2017
The Ministry of Petroleum and Natural Gas organised an Interactive Session in Mumbai today to showcase the array of opportunities available in the Indian Energy and Petroleum sector. Minister for Petroleum and Natural Gas, Shri Dharmendra Pradhan discussed the key reforms in the petroleum and natural gas sector. He said “our liberal policies and transformational reforms undertaken recently have led to an investment of USD 25.2 billion being committed under PSC regime”. He urged industry leaders to foster harmonious collaborations to enable the energy and petroleum reform process to move forward exponentially.
The Hydrocarbon Exploration and Licensing policy (HELP)is a market driven policy framework which will generate a fresh wave of investments in the Indian Energy and Petroleum sector through the innovation Open Acreage Licensing (OAL) Programme based on an investor friendly revenue sharing regime, combined with marketing and pricing freedom. The new policy framework is backed by the National Data Repository ,the much needed technological backbone providing a medium to global investors and academia to study the country’s high quality and reliable sub surface energy and petroleum data with easy digital access. Open Acreage licensing permits investors to choose exploration areas of their choice and submit an Expression of Interest.
Shri K.D. Tripathi, Secretary, Ministry of Petroleum and Natural Gas stated that the Ministry has enacted a series of reforms to incentivise domestic exploration and production of oil and gas. He Informed that Discovered Small Field Bid Round 2016 introduced under a liberalized framework has been extremely successful. He stressed that a tremendous opportunity in the history of India’s oil and gas sector awaits investors through Hydrocarbon Exploration and Licensing Policy (HELP).
PHOTO CAPTION :
Union Minister for Petroleum and Natural Gas, Shri Dharmendra Pradhan at a Press Meet along with Shri D.K. Tripathi, Secretary, Ministry of Petroleum and Natural Gas, Shri Atanu Chakrborty, DG, DGH and Shri Amar Nath, Joint Secretary, Ministry of Petroleum and Natural Gas in Mumbai today on October 26, 2017.