Mumbai (Maharashtra) [India], January 21 (ANI): India is working hard to grow its oil and gas sector and attract more investment from around the world. The Ministry of Petroleum and Natural Gas recently held a special event in Mumbai to talk about new rules and money for this industry. Many people from Indian and international companies, banks, and expert groups came together to discuss how to make India a leader in energy discovery and production.
The Minister for Petroleum and Natural Gas, Hardeep Singh Puri, spoke to the group through a video message. He said that the government has made big changes to the laws to make things easier for companies. He highlighted that "the recent legislative, regulatory and policy reforms mark a landmark and progressive transformation of India's upstream sector." This means the government is trying to modernise and improve the rules to help businesses.
The Minister also mentioned that these new changes, along with better data about where oil and gas might be found, have opened up great chances for companies to invest. He specifically pointed out that there are many "investment opportunities, particularly in India's offshore and frontier areas." He promised that the government would keep things "stable, transparent and globally competitive" so that companies feel safe and excited to work in India.
One of the main parts of the meeting was about how to pay for all this growth. Experts discussed whether Indian banks and global investors are ready to provide the substantial funds needed for these projects. They discussed special programs such as "Samudra Manthan," which aims to explore the deep ocean. The goal is to ensure there is sufficient funding and support for long-term work in the energy sector.
There was also a lot of discussion about the new rules for oilfields and how the government shares profits with companies. Officials from the government and the Directorate General of Hydrocarbons sat down with business leaders to explain the new "Model Revenue Sharing Contract." This is a plan to make sure both the government and the companies benefit fairly from the oil and gas they find.
Finally, the event looked forward to upcoming auctions where companies can bid to explore new areas. The government wants more companies to join in so that India can produce more of its own energy. By bringing together banks, technology experts, and energy companies, the government hopes to build a strong system that keeps India's energy moving forward for many years. (ANI)