Thaindian News

New Delhi, March 31 (IANS) India is scouting for energy supplies and investment opportunities from countries like the US, Kuwait and Indonesia at the International Energy Forum in Mexico currently under way.
India’s Minister for Petroleum and Natural Gas Murli Deora has been holding talks with energy ministers on the sidelines of the 12th IEF in Cancun Tuesday.

In his meeting with the Kuwaiti Petroleum Minister Sheikh Ahmad Abdulla Al-Ahmad Al-Sabah, Deora invited Kuwaiti oil companies to invest in petrochemical projects at Mangalore and Paradip.

The Indian minister pointed out that his country was looking at increased oil supplies. Besides, he also asserted India would soon increase its refining capacities to 250 million tonnes.

Besides, Deora also met with the US Deputy Secretary of Energy Daniel Poneman, who assured that the US will help India in undertaking second research expedition on gas hydrates.

“Similarly, the US success in utilising shale gas to significantly augment its natural gas production was seen as potential area where US experience could come handy in identifying such resources in India,” said a press release issued by the ministry of petroleum and natural gas.

The Indonesian minister of energy and mineral resources, Darwin Zahedy Saleh told Deora that Indonesia would soon be launching another round of bidding for new exploration blocks, which would be a good opportunity for Indian oil companies.

On India’s request for sourcing liquefied natural gas (LNG), the Indonesian minister stated that while current LPG capacities were all tied up, there could be future cooperation in this area.

Deora conveyed to the host country’s Secretary of Energy Georgina Kessel Martinez the “keen desire of Indian oil companies for participation in the Mexican upstream sector”. He also mentioned India’s growing need for crude oil to keep in step with rising refining capacity.

“The Mexican side informed that their laws presently permitting exploration and production on service contract basis, are under review. The incentive based system under-consideration would help attract more investment which Indian companies could also utilize,” said the ministry’s press release.