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"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.
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