Comments
The Minister for Petroleum and Natural Gas, M Veerappa Moily on Tuesday said the framework for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project is being readied on a fast-track basis by the four stakeholder nations. The transactional advisor for the project has been appointed and sale purchase agreement has been drawn.
“Apart from gas, this TAPI pipeline would usher in peace among the nations as well. The gas is expected to reach the border of India by August 2017," the Minister said at Petrotech 2014.
In addition, ONGC has signed a memorandum of understanding (MoU) with Kuwait’s PIC for cooperation in hydrocarbon value chain. The MoU will see bilateral cooperation among the two nations in the upstream and downstream hydrocarbon sector, especially petrochemicals.
Moreover, Canada is expected to offer Indian upstream companies such as ONGC the fracking technologies, to develop shale resources in this country.
"A term contract for Canadian crude is under finalisation by Indian Oil Corporation. Also, the Canadian Government would consider Indian suggestion to review its investment norms to facilitate participation by Indian companies," Moily said.
During the Petrotech conference and exhibition, the Petroleum and Natural Gas Minister held series of bilateral meetings with delegations of Ecuador, Uganda, Sudan, and Azerbaijan to open up vast possibilities for cooperation in exploration, petrochemicals, refineries and providing training to their oil and gas personnel, among others.
A joint Indo-Ugandan working team is under formation to look into opportunities for cooperation in the newly opened up Ugandan hydrocarbon sector.
Similar opportunities are expected to be leveraged in Ecuador, especially in exploration of oil and gas, petrochemicals and urea.
“Sudan and South Sudan are coming to terms with the emerging opportunities in global cooperation and Indian companies are tapping the potential opportunities. Two blocks have been offered to India,” Moily added.
Indian Oil Corporation has a term contract for Azeri crude oil, while BPCL and HPCL are keen to enter term contract for sourcing crude oil from Azerbaijan.
Regarding attracting foreign investment to Indian oil and gas sector, the Minister said that the platform of Petrotech-2014 has been used to launch the NELP X. “We will hold roadshows soon to offer the details of the blocks.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.