Indian Oil Sector Attracting British Giants

The Indian government has invited British energy giants including Shell group, BG Group and Cairn Energy to participate aggressively in the bidding process for twenty seven oil fields, thrown open to global investors under the third round of New Exploration Licensing Policy.

Indian Petroleum Minister Ram Naik flagged off the promotional campaign for attracting overseas investment in the oil blocks in India's onshore and onland areas under NELP-III here Friday evening in which over fifty three leading British companies participated.

Highlighting Indian petroleum sector's strength Naik said, “We offer internationally one of the most attractive fiscal and contractual term”.

Bids on the third round close on August 28th, 2002.

Speaking on the occasion, David Warren, Director International Group in British Trade International of the UK government, said “Our government will provide all possible support to British companies for closer cooperation with India in the oil and gas sector”.

The UK is the second largest trading partner of India and petroleum sector constitutes about five per cent in the total trade between the two countries, he said.

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