Coal News We love to talk!

JUL 16 2015

BP chief Bob Dubley meets PM Modi; pitches for 'appropriate' pricing for gas projects

  • Economic Times, ET Bureau / Hyderabad
  • Created: Thu 16th JUL 2015

"Appropriate pricing" is critical for the viability of complex and capitalintensive deep water projects, oil major BP's group chief executive Bob Dudley said after meeting Prime Minister Narendra Modi in New Delhi on Wednesday. BP has a 30% stake in RIL's 21 oil and gas blocks, including the controversial KG-D6, and has in the past too complained about lower gas prices. 

The government last year devised a formula that aligns gas prices available to output from most domestic fields with international prices. Following a crash in the crude oil prices globally, the local prices have further fallen. 

India, which imports nearly 80 per cent of its crude requirement, is targeting to cut its import dependence by raising local output and will need help of foreign companies with access to capital and technology in exploring the country's hydrocarbon reserves. India is planning to hold the next round of auction of hydrocarbon reserves in the current fiscal year. 

"We discussed opportunities and challenges in the Indian energy sector at large and also specific to our deep water exploration and development projects. I see potential for significant additional investments and creation of jobs in the sector," said Dudley in a statement after his separate meetings with the Modi and oil minister Dharmendra Pradhan. BP is also seeking a licence to sell jet fuel in India. 


Delhi Gas Oil Reliance Industries limited Hydrocarbon Energy Import Oil and Gas Crude Oil India

Related News

  • Find if gas dip in RIL's KG-D6 is due to commercial reason: Parliamentary panel  Read more
  • Losses on LPG, kerosene sale lower by over 30 per cent  Read more
  • State-run OMCs fail to take advantage of easier norms to buy crude oil  Read more
  • PM Narendra Modi and French President Francois Hollande to launch game changing solar alliance  Read more
  • Oil block licensing: Open acreage replaces NELP as new policy regime  Read more
  • Mahanagar Gas to raise around Rs 800 crore via IPO this quarter  Read more
  • TN yet to tap natural gas potential  Read more
  • GAIL rejects Tamil Nadu's gas pipeline proposal  Read more
  • India to seek rights for developing Iranian gas field  Read more
  • Oil & gas output falls 7% in April-Sept  Read more