Union Petroleum Minister Murli Deora, who held a meeting with American investors in New York on Thursday, said there is a lot of interest among American oil majors to make investments in India.
"I would say there was a good response from the people (we met today), and something substantial can come out of it. But I cannot give you the names or details of our meeting," Deora, when asked to give a sense of the meeting by rediff.com, said.
As an example of the interest he cited the meeting with the chairman of oil giant Exxon. "Today at the meeting he sent his people. Obviously, when we meet people it helps," Deora said.
"There is no timeframe for possible investment. It all depends on the price of oil," Deora said in response to a question.
Deora was in New York en route to India from Cancun, Mexico, where he attended the 12th International Energy Forum as head of a high-level delegation that included petroleum secretary S Sundareshan, ONGC chairman R S Sharma, besides a host of senior officials.
On whether India would avail of the opportunity for offshore drilling in the US, as offered by President Barack Obama earlier this week by way of joint venture with American companies, the officials parried a direct reply.
"We will have to look forward to evaluate these opportunities. Unless then we cannot make a comment. But, in principle, I can say we shall be very much receptive (to the American offer)," said ONGC chief R S Sharma.
In response to another question about the outcome of the Cancun meetings, the officials said that India is happy that the US Commodity Futures Trade Commission and regulators in the United Kingdom have taken steps to "put certain restrictions on the positions of the financial traders. We do hope that there won't be extreme volatility and we think the producers also realise that it affects them very much."
"We are happy that everybody is aware that price volatility cannot continue," petroleum secretary S Sundareshan said.
Image: Union Petroleum Minister Murli Deora in New York. Photograph: Paresh Gandhi
