Prime Minister Modi is set to meet Bharat Petroleum chief executive officer Bob Dudley, Saudi Aramco CEO Amin H Naseer, Rosneft chief Igor Sechin, Reliance Industries Chairman Mukesh Ambani, and Cairn India Chairman Anil Agarwal, among others, for a meeting.
He would meeting the chiefs among oil major firms.This meeting has been coordinated by NITI Aayog.
The meeting is happening at a time when the ongoing Open Acreage Licencing Policy (OALP) rounds are set to attract funds in the oil sector.
Under OALP, a company has an option to explore hydrocarbons to select the blocks on its own, without waiting for the formal bid round from the government.
India has 26 sedimentary basins stretched over 3.14 million sq km. Out of these, hydrocarbons are extracted only from 7 basins.
Meanwhile, Oil giant Saudi Aramco will open an Indian subsidiary next week, citing three sources, a Reuters report stated, as the top global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer, reported Reuters.
The company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country.
Saudi Arabia is competing with Iraq to be India’s top oil supplier, with Iraq displacing it for a fifth month in a row in August, data compiled by Reuters showed.
Aramco Chief Executive Amin Nasser will be inaugurating Aramco Asia India during a visit to New Delhi next week to attend the IHS-CERA conference, which starts on Sunday and which will also be attended by OPEC Secretary General Mohammed Barkindo.
