India will radically reform regulations and invite foreign oil majors to explore both onshore and offshore as it races to extract as much oil as possible while there remains a market for crude, the country’s oil and gas minister has said.
“I was with Exxon yesterday. I was with BP a few days earlier. I have had meetings with Chevron [ . . .] I went to Brazil and had a discussion with Petrobras,” Hardeep Singh Puri told the Financial Times’ Energy Transition Summit India in Delhi.
“I said you come, join Oil India prospecting off the Andaman waters. Don’t make any investment, just come in. We will incentivise them. And if you strike oil and you are a partner, you will have first right of refusal,” Puri added.
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