Petroleum Minister Dharmendra Pradhan was in Scotland’s Aberdeen on the last leg of his roadshow abroad to woo foreign investors to India&’s small oil and gas fields.
"Visiting Aberdeen, Scotland on shore of North Sea; it’s known as Houston of UK since it hosts oil industry, producing Brent oil in North Sea," Pradhan tweeted on Wednesday.
"Met Paul Wheelhouse, Scottish Minister for Innovation & Energy;agreed to expand cooperation,esp in technology," he wrote in another tweet.
Welcoming Pradhan to Scotland, Wheelhouse said, "Scotland is home to one of the most respected and experienced oil and gas sectors across the globe and recognised globally for its strengths in innovation, technology, skills and training. The current downturn is impacting on the sector but we are doing everything in our power to ensure it remains a key player in the long term."
On Wednesday, Pradhan addressed an investors meeting on the upcoming auction of India’s 67 hydrocarbon discovered small fields (DSF). "At Robert Gordon University (RGU) in Aberdeen; RGU is hosting our meeting with investors for Discovered small field," Pradhan had tweeted.
On Monday, Pradhan assured investors that the government will "proactively facilitate" their working in the Indian oil and gas sector. He also inaugurated the physical data room here of the DSF Bid Round, and met British Energy Minister Greg Clark.
The series of interactive meet-cum-roadshows was organised by India’s Petroleum Ministry along with the Directorate General of Hydrocarbon (DGH). The roadshows were held between September 9-14, earlier in Singapore and currently in Britain.
"Pradhan is expected to highlight the paradigm shift in the policy regime for the exploration and production sector in India and the improved investment environment for exploration and production companies under the new Hydrocarbon Exploration Licensing Policy (HELP) which emphasises on improving the ease of doing business and operational autonomy to attract investment," DGH said in a statement.
In July, road shows were held in the US and Canada for the auction of India’s 67 hydrocarbon discovered small fields. The bidding is open between July 15 and October 31. The auction will be under the new HELP, which is based on a revenue-sharing model as opposed to cost-and-output-based norms earlier. The new HELP was approved in March.
Under the Discovered Small Field Policy, the government is offering for bids 67 discovered small fields in 46 contract areas spread over nine sedimentary basins on land and in shallow and deep water areas. The offered fields hold 625 million barrels of oil and gas reserves.
Of the 46 small fields, 26 are on land, 18 offshore in shallow water and two in deep water.
While 28 discoveries are in Mumbai offshore, 14 others are in the east coast’s Krishna-Godavari basin. Eventual operators will be issued a single licence for exploration of conventional and non-conventional hydrocarbons and will have the freedom to sell oil and gas at "arms length" market prices. There would be no cess on crude oil, the DGH said.