The government is working towards reaching out to foreign players to seek their participation in future exploration licensing rounds. The government is planning to shift away from usual road shows in global investor hot spots and, instead, check out the managements of international oil companies individually to make them known to the opportunities in India’s hydrocarbon sector.
A direct conversation with top executives can be far more effective as it would not only acquaint them with latest policy reforms but would also give them confidence and a comfort that they can easily reach officials concerned in case they need any additional information or any doubts, the official said.
The oil ministry is expecting to contact more than a dozen international oil companies, including super majors and national oil companies that invest outside their own countries. The government would also participate in major industry events which have strong footfalls and presence of top executives.
Just one foreign player and very few private players have taken part in three rounds of auction held under the new Hydrocarbon Exploration and Licensing Policy (HELP) in the last two years despite a string of road shows in Singapore, Abu Dhabi, London, Aberdeen and Houston.