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Mr. Dinsha Patel highlights important features of NELP-VII
30
Jan '08
After successful Road Show at London on 24.01.2008 as part of Government of India's promotional campaign to show case NELP-VII exploration blocks, another Road Show abroad was held late yesterday at Houston(U.S.).

Under the seventh round of the New Exploration Licensing Policy (NELP-VII) 57 blocks include 19 in deepwater, 9 in shallow water and 29 in onland.

After the inaugural road show held at Mumbai on 8th January, 2008, the Houston road-show is the second one to be held abroad for NELP-VII.

As many as 66 companies comprising 32 E&P, 18 service providers, 6 investment companies/bankers and 10 others participated in the Houston Road Show.

A high level delegation led by Mr. Dinsha Patel, Minister of State for Petroleum & Natural Gas, which also included Mr. M.S. Srinivasan, Secretary, Ministry of Petroleum & Natural Gas, Mr, V.K. Sibal, Director General, Directorate General of Hydrocarbons and Mr. Anil K. Jain, Joint Secretary, Ministry of Petroleum & Natural Gas, is currently in Houston to promote NELP-VII to prospective E&P companies and investors.

Mr. Patel highlighted important features of the NELP-VII. Shri Dinsha Patel emphasised the highly attractive opportunities being offered under NELP-VII impressed upon companies to participate in the bidding process to enter into a long term beneficial relationship by becoming part of India's growing and vibrant Petroleum Sector.

He mentioned that the promotional road shows for NELP-VII will also be held at Calgary, Singapore, Perth and Dubai. He invited US firms to make up for the lost opportunities in previous rounds by participating in the current offer.

He pointed out that India is 5th largest consumer of energy in the world after China, Russia and Japan. Shri Patel elaborated various steps underway to bridge the gap between demand and supply of oil and gas like accelerating E&P efforts in Indian basins as well as acquiring oil assets abroad and harnessing alternative sources of energy like coal bed methane, gas hydrates, coal liquefaction, ethanol, bio-diesel, etc.

Referring to excellent business relationship between India and America, Shri Patel informed that the trade between the two countries is valued at about US$ 31 billion which is about 10% of India's total trade.

Some of the major stakeholders in India's upstream petroleum sector namely BG Group, Oil & Natural Gas Corporation Limited, cairn Energy and Reliance Industries Limited also made presentations during the NELP-VII roadshow about their experiences, and the plans and vision their companies had regarding India's petroleum sector, especially the upstream sector.


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