INDIA HAS STRONG AND RESILIENT GROWING ECONOMY:
RAM NAIK ROAD SHOWS ON NELP-III CONCLUDE AT CALGARY
Shri Ram Naik, Minister of Petroleum and Natural
Gas, has invited the foreign investors to compete for 27 blocks
for exploration of oil and gas in India’s offshore and onland
areas in the third round of NELP (New Exploration Licensing Policy)
and make use of the best opportunity available to them. Shri Naik
pointed out that India, in emergent situations, has not only absorbed
the impact but has emerged stronger. It is so because India has
a strong and resilient growing economy. The Minister, who is currently
leading a high level delegation to Canada, said this at the Fifth
Road Show held in Calgary, yesterday. Speaking on the occasion
Shri Naik further emphasised the highly attractive opportunity
being offered under the third round of NELP and impressed upon
the companies to actively participate in the bidding process so
as to enter into a long term mutually beneficial relation ship
and be a part of India’s growing and vibrant Petroleum Sector.
The Calgary Roadshow was attended by 37 companies/organizations.
Some of the E&P companies, which attended the Roadshow were
En Cana, the largest Canadian E&P company, Talisman Energy,
Cairn Energy, Niko resources, etc. The visiting delegation also
held one-on-one meetings with leading E&P companies and oilfield
service companies. The Canadian Government and the Provincial
Government of Alberta have shown keen interest in the visit of
the Indian delegation. Mr. Herb Dhaliwal, Federal Minister of
Natural Resources, Canada brought out the cordial relationship
between India and Canada and appealed to the Canadian oil companies
to have a close look at the investment opportunity being offered
by India through NELP-III. It was informed by the Indian side
that the closing date for the bids under NELP-III is 28th
August, 2002.
On this occasion, Shri Santosh Kumar Gangwar,
Minister of State for Petroleum & Natural Gas highlighted
the latest developments in the Indian gas sector. While the Indian
speakers at the function made presentation on the policy, fiscal,
legal and contractual frame work and also highlighted the attractiveness
of the terms and geology under NELP-III, the major stakeholders
in India’s upstream petroleum made the presentations about their
experience and vision about India’s petroleum sector. The representatives
of Ernst and Young, the international consultants, highlighted
the strong economic fundamentals of the Indian economy and investment
climate in the Country. They mentioned that the risk perceptions
are quite manageable as compared to the global investment environment.
The Canadian Minister and Mr. Mark Norris, Minister
of Economic development, Government of Alberta hosted dinner and
reception respectively in honour of the visiting Indian delegation,
which was attended by leading oil companies.
