India, US sign MoA on hydrocarbon sector

This exchange of information will compliment existing hydrocarbon sector statistics.

India and the US on Thursday signed a Memorandum of Arrangement (MoA) for exchange of information, energy data and analysis techniques in the mutually beneficial hydrocarbon sector.

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The MoA was signed between India's Petroleum and Natural Gas Secretary MS Sriniwasan and US Under Secretary of the Department of Petroleum David K Garman in New Delhi.

The agreement establishes a mechanism to exchange hydrocarbon sector information between US Department of Energy's Information Administration and Petroleum Planning and Analysis Cell of the Ministry of Petroleum and Natural Gas.

This exchange of information will compliment existing hydrocarbon sector statistics and other hydrocarbon sector market information.

The improved exchange of information will improve understanding of energy sector issues, enhance public policy making and strengthen the role of the private sector in developing energy resources.

"The MoA would facilitate elaborate exchange of information on the hydrocarbon sector between both the countries," Srinivasan told reporters after signing of the agreement.

He also informed that two other agreements with the US were in the offing and would be signed before the end of the month.

"Time has come to become transparent and synergising our efforts as we move towards a global economy," he added.