India has 'good climate' to foster oil & gas sector: PM | business | Hindustan Times
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India has 'good climate' to foster oil & gas sector: PM

business Updated: Aug 29, 2009 17:31 IST

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Prime Minister Manmohan Singh on Saturday inaugurated production from the country's biggest oil find in more than two decades and said that India offered "a very good" climate for foreign investment in the sector.

Speaking at the beginning of oil production from Cairn India's on-land Mangala oilfield, he said the historic event reflected that a "very good climate has been created for foreign investment."

"I invite investors from all over the world (to invest in the oil and gas sector) ...The investment climate is positive. We are committed to facilitating (such investment) and providing all assistance," he said.

India has offered 70 oil and gas exploration areas and 10 coal bed methane (CBM) blocks -- the largest ever auction of oil and gas exploration areas in the country -- in the eighth edition of New Exploration Licensing Policy (NELP).

Singh described the beginning of oil production as the "beginning of a new era" for India and Rajasthan. The oilfield will facilitate a more prosperous state and economic development.

The nation, he said, had made economic progress but to eliminate poverty, rapid economic growth was needed. And energy was a necessity for faster economic growth.

The Prime Minister said world-over economic development has followed oil and gas discoveries and the same will happen in Rajasthan where newer avenues of employment will be created.