ADAG accuses OilMin of strangling investment

Anil Dhirubhai Ambani Group firm Reliance Natural Resources Ltd on Thursday attacked the oil ministry’s “partisanship” policy for local players and blamed it for keeping away global exploration majors.

Anil Dhirubhai Ambani Group firm Reliance Natural Resources Ltd on Thursday attacked the oil ministry’s “partisanship” policy for local players and blamed it for keeping away global exploration majors.

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“The failure of the petroleum ministry to attract any global capital flows to the upstream sector in the last three years is primarily owing to a visible partisanship in favour of domestic players like Reliance Industries," RNRL Chief Executive J.P. Chalasani said in a statement on Thursday.

RNRL was reacting to Director General of Hydrocarbons VK Sibal’s comments that the ongoing gas supply dispute will hit the global investment flow into the country's oil and gas sector.

RNRL’s statement comes on the day when the country is showcasing its latest oil and gas exploration block licencing round (New Exploration Licensing Policy-VIII) to global investors in Houston.

The government is offering 70 exploration blocks under NELP-VIII and 10 coal bed methane blocks under CBM-IV.