The Hindu Business Line : North Sea attracts oil cos from India

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The visit was to enable Indian oil companies to explore possibilities of acquiring assets in the North Sea while increasing co-operation with Scottish companies in the hydrocarbons sector.

New Delhi , March 7

With energy security on top of the agenda for India, the North Sea oil reserves seem to be an attractive area for Indian companies.

Recently, a high-level Indian delegation comprising Director General Hydrocarbons and representatives of Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, along with a representative from PricewaterhouseCoopers (PwC), visited Aberdeen, the oil capital of Scotland to examine the prospects available for Indian companies, particularly, the technological expertise available in that country.

Speaking to Business Line, Mr Shivendra Singh, Country Manager (India), Scottish Development International (SDI), a joint venture between the Scottish Executive and Scottish Enterprise, said SDI was playing the role of a facilitator for the Indian and Scottish firms in the sector.

The visit was to enable Indian oil companies to explore possibilities of acquiring assets in the North Sea while increasing co-operation with Scottish companies in the hydrocarbons sector. The visit was also to look for service providers, he said.

Scottish companies have technological expertise in areas of sub-sea engineering, drilling, down hole technologies, health, safety and environment, which the Indian companies could benefit from, Mr Singh added. These cost-effective technology could prove beneficial for the Indian firms that are gearing to participate in the sixth round of New Exploration Licensing Policy.

These one-on-one talks between oil companies on both sides will open up possibilities of co-operation, Mr Singh stated. Apart from Cairn Energy, other smaller Scottish oil companies in talks with Indian players include Offshore Hydrocarbons Management, Petrofac and Wood Group among others.

Asked about the response from the Scottish companies, he said, "They are bullish about India." SDI's vision is to fully integrate Scotland's international economic development activities, to attract overseas investors into Scotland, and encourage and support Scottish companies to expand overseas.

Scotland has possibly Europe's most diverse and vibrant energy sector, from the mature North Sea oil and gas fields to world-leading research in renewable and fuel cell technologies.