Areas for enhanced cooperation in hydrocarbon sector discussed

The Minister of Petroleum and Natural Gas Dr M Veerappa Moily held a series of bilateral meetings with visiting ministerial delegations from various countries on the sidelines of Petrotech 2014 at Greater Noida today. The meetings sought to further enhance mutual cooperation in the oil and gas sector. In his meeting with Libyan Oil and Gas Minister Dr Abdulbari A. Arousi the two ministers felt the need for increasing cooperation in terms of greater crude oil supply to India and in the field of upstream projects. ONGC Videsh(OVL) proposed signing of an MoU to provide institutional framework for exploring specific projects for cooperation. Bharat Petroleum Corporation urged revival of the term contract for supply of crude oil to India. Libyan Minister assured to consider these and emphasized that Libya was keen to increase the cooperation with India. Dr Moily had fruitful discussions with Mr Suhail Mohhamed Al Mazrouei, Minister of Energy, United Arab Emirates(UAE), Indian Minister Dr Moily proposed partnership between OVL and Mubadala, an investment and development company of UAE, to jointly invest the upstream projects in third countries. The visiting minister showed keen interest in the proposal and asked that both the companies should soon meet to arrive at specific focus countries. He also said that Indian companies may participate in the future exploration and production opportunities and pointed out the UAE is looking for raising rate of recovery from existing fields. Dr Moily also felt the need for greater role Engineers India Ltd(EIL) in the development of UAE’s oil sector. HPCL presented investment opportunities in its upcoming major refinery-cum petrochemical projects in Rajasthan and Andhra Pradesh. In the bilateral meeting between Indian Petroleum Minister and Shaikh Ahmed bin Mohammed Al Kahlifa, Minister of Finance and in-charge of National Oil and Gas Authority, the two leader felt that the cooperation in the oil and gas sector should further enhanced. India showed keen desire to source more crude oil. Bahrain could also look for investment in India as also Indian oil companies in Bahrain along hydrocarbon value chain. Dr Moily and visiting Ms Alison M Redford, Premier of Alberta, Canada, discussed various areas of cooperation between India and Alberta. Visiting dignitary said that Alberta was keen about investments by India oil companies. She offered India to utilize their expertise in the area of Shale Gas. Indian side pointed out that India Oil has recently purchased a cargo of Canadian crude oil and are looking for sourcing more from Alberta in particular and from Canada in general. OVL expressed keen desire to learn from Canadian experience which could be useful in exploiting their Imperial Energy acreages.