India attracted $10.3 billion FDI in e oil and gas hunt till January this year

FDI in oil exploration at Rs 46k crore till Jan

India has attracted a whopping $10.3 billion (about Rs. 46,000 crore)
private and foreign direct investment (FDI) in the oil and gas hunt
till January this year since advent of New Exploration and Licensing
Policy.

Replying to a question in the Lok Sabha, Jitin Prasada, Minister of
State for Petroleum and Natural gas, said natural gas production in
India has increased 75 per cent compared to 2008-09 and is expected to
double in near future.

Asked why not many companies were coming forward to participate in the
NELP, the Minister said, "the policy (NELP) is very clear, most
transparent and best in the world and this sometimes discourages
foreign or private companies to come."

He, however, hailed the participation of as many as 36 companies,
including domestic private firms, MNCs and Public Sector Undertakings
in the last eight round of NELP, saying it was good as it happened at
a time when the entire world was reeling under downturn.

He did not share the view that PSUs were inefficient in exploration of
oil fields where as private sector succeeded.
Political & Business Daily, New Delhi, April 23, 2010