New Delhi (Sputnik) — The Indian government faced disappointment when the world’s oil and gas majors showed little interest in its auction of, 67 small and marginal gas fields.
Only 42 companies, of them just five foreign, turned in 134 bids despite road shows here and abroad.
This response despite low oil prices is testimony of India emerging as an attractive investment destination under leadership of Hon'ble PM— Dharmendra Pradhan (@dpradhanbjp) 21 ноября 2016 г.
“The bid round took place in a challenging global market environment when oil & gas prices have been volatile and investment in the exploration & production sector has seen substantial decline,” noted a statement released by India’s Ministry of Petroleum and Natural Gas.
India also permits Foreign Direct Investment (FDI) across the hydrocarbon value chain covering the upstream, downstream and midstream sectors. The present FDI policy for petroleum & natural gas sector allows 100% automatic route for exploration and production.