What India's petroleum sector achieved in 2007

[anant1a]

What India's petroleum sector achieved in 2007


The year 2007 witnessed a number of significant initiatives by the Government across the entire value chain of hydrocarbon sector to accelerate domestic production of oil and gas, putting in place an investor-friendly policy regime for the rapid growth of investment and oil sector infrastructure, promoting biggest FDI in refinery sector, protecting consumers of sensitive petroleum products against global price rise, encouraging technological capacity building by setting up an institute of national importance, etc.

Describing the year as momentous, Shri Murli Deora, Minister of Petroleum & Natural Gas said, “2007 has been a significant year in terms of accelerating exploration efforts in India, new oil & gas finds, acquiring E&P assets abroad, building oil sector infrastructure, ensuring sale of quality products, etc.”

HIGHLIGHTS
Year ends with biggest offer of 57 blocks (nelp-vii); a record number of 52 awarded in March (nelp-vi)

Major step forward to speed up gas production from biggest gas discovery in k-g basin

Number of overseas initiatives for securing e&p assets

First ever ministerial indo-afro hydrocarbon conference in November

Gas pipeline accorded infrastructure status

Largest FDI to boost implementation of Bhatinda refinery by Mittal-HPCL JV

Petrol diesel prices cut in February 2007 to pass on benefit of fall in global prices to consumers

Consumers insulated from further hike despite subsequent spurt in global crude oil prices

Ethanol blended petrol programme kick starts

South Asia’s first underground LPG cavern commissioned

Go ahead to oil India for making initial public offer

Implementation of Assam gas cracker project - pm laid foundation stone in April 2007

Rajiv Gandhi institute of petroleum technology bill passed

Downstream regulatory board in place

Vigorous drive against fuels adulteration

[Jeorge]

The 2006 AFRICAN ]Petroleum Forum in late April coincided with highly significant developments taking place in Africa's oil and gas industry. Just days before the London event, news emerged that Italian energy major Eni had successfully bid no less than US$902m for a stake in Angola's offshore block 15.