Australian Industry Minister Ian Macfarlane said he discussed with Petroleum Minister Murli Deora about areas of cooperation in energy sector and had proposed a memorandum of understanding between the two countries.
"LNG market is tight over the next couple of years. We expect situation to ease once new capacities come into production in 2011-12," he said, but added that his country was keen to attract Indian companies in gas exploration.
India's Petronet LNG Ltd is negotiating a deal to import at least 2.5 million tonnes of liquefied natural gas from
Australia.
India had sought more LNG but they have expressed inability to supply additional volumes in the short term, Deora said.
Australia, which is also the world's leading producer of minerals such as coal and iron ore, would also encourage Indian investments in mining and would strengthen its presence in the minerals exploration industry in New Delhi.
"We welcome Indian companies investing in Australia's mining sector. On the other hand, our companies have expertise in this sector and they can work in India," Macfarlane said.
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