Economy

Aim of bidding for small fields is to boost production: Pradhan

PTI Houston | Updated on January 17, 2018 Published on July 14, 2016

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Minister of State for Petroleum and Natural Gas, Dharmendra Pradhan, said the aim of the bid round for the upcoming auction of 46 discovered small gas and oilfields is to boost production and reduce the dependence on imports by 10 per cent by 2022.

Pradhan, who is visiting Houston to hold roadshows to promote bidding of oilfields, met top executives, lobbyists and Indian-Americans associated with the oil and gas industry yesterday at a dinner hosted by the Council General of India, Houston, Anupam Ray.

Starting the first of the two planned roadshows here to auction 46 discovered small gas and oilfields, Pradhan said he is confident of receiving a good response for the blocks.

He said the aim of the bid round is to enhance the production of oil and gas, in compliance with the government’s mission of reducing by 2022 its dependence on imports by 10 per cent from the current 78 per cent, officials said.

India will seek the participation of global oil and gas firms in its upcoming auctions for discovered small fields, as Pradhan will meet American oil and gas industry leaders during his week-long visit aimed at attracting FDI and new technologies in the Indian exploration and production sector.

Pradhan will seek cooperation from the US’ oil and gas industry for infusion of new and innovative technologies and best practices for unlocking its indigenous hydrocarbon potential.

Pradhan had brief one-on-one meetings with technology company heads, energy company executives, various Indian-American organisations of interest, the Indo-American Chamber of Commerce of Greater Houston, University of Houston, Reliance Holding USA, the US-India Chamber of Commerce DFW, Infosys, Vinmar International, Mahindra USA.

Earlier in the day, Pradhan inaugurated the ‘Data Centre’ which can be accessed by all interested investors to view technical data related to the small fields being offered under the upcoming bid round.

Chief executive officers (CEOs) of all big firms and personnel from embassies are likely to attend the launch of Discovered Small Fields (DSF), according to the DGH.

Published on July 14, 2016
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