British Petroleum’s proposed purchase of 30% stake in Reliance Industries’ 23 oil and gas blocks in India for $7.2 billion endorses India’s strong potential in hydrocarbon exploration and it augurs well for the auction of blocks scheduled for later this year, petroleum secretary S Sundareshan said here.
RIL deal with BP to boost Nelp auction, says oil secy - Financial Express
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British Petroleum’s proposed purchase of 30% stake in Reliance Industries’ 23 oil and gas blocks in India for $7.2 billion endorses India’s strong potential in hydrocarbon exploration and it augurs well for the auction of blocks scheduled for later this year, petroleum secretary S Sundareshan said here. “BP coming to India is a validation of resources available in the country’s oil and gas sector, particularly the east coast,” Sundareshan told reporters here. The bullishness of global energy giants on India’s hydrocarbon assets means a lot to the petroleum ministry, which will auction 34 blocks without the seven-year tax-free profits that characterised the previous round of licensing. India’s proposed new direct tax code will replace the current profit-linked tax breaks with investment-linked tax sops. The absence of profit-linked tax incentives and the impact of the sovereign debt crisis in Europe had raised concerns over the likelihood of future investments in India’s hydrocarbon...RIL deal with BP to boost Nelp auction, says oil secy - Financial Express
