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Our Bureau

MR MURLI DEORA

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New Delhi Feb. 23 India and Australia have expressed the need for having a criss-cross investment by the companies in the hydrocarbon sector in both the countries.

According to an official communiqué, in a meeting between the Union Petroleum Minister, Mr Murli Deora, and the visiting Premier of Western Australia, Mr Alan Carpenter, here, the two sides had discussed the possibilities of further enhancing cooperation in the hydrocarbon sector.

Investment opportunities

The two leaders had reiterated the vast possibilities in this regard in India and Australia, particularly Western Australia. Mr Deora while referring to the existing cooperation in various areas of oil and gas sector said that the companies from the two countries could take greater advantage of investment opportunities available in both countries.

He referred to the possibility of importing liquefied natural gas (LNG) from Western Australia as well as the Indian companies picking up more equity oil as part of India's plans to add E&P properties abroad.

Similarly, the cooperation in developing coal bed methane (CBM) projects offer significant possibilities to build upon the participation of Arrow Energy, an Australian company, in the third CBM round which concluded recently.

LNG capacity

He also invited Australian companies, which have strong R&D base in oil and gas sector, to set up facilities in India. Mr Carpenter informed the Indian side that Western Australia is a significant source of supplying natural gas particularly LNG, for which India is also emerging as an attractive market.

The new projects for enhancing LNG capacity in the country are being implemented to increase this from about 16 million tonnes to about 50 mt, he said.

He also invited Indian investment in the exploration and production of hydrocarbon in Western Australia.

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