Singapore firms eye Indian oil exploration

Oil and gas exploration companies based in Singapore are looking to expand beyond Southeast Asia to India.

Oil and gas exploration companies based in Singapore are looking to expand beyond Southeast Asia to India, executives said in a report published on Monday.

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This move comes as a response to roadshows held by Indian firms in the region to get exploration and production companies to bid for oilfield concessions.

Interra Resources, which announced developments in its Myanmar oil fields last week, told The Business Times that it was keeping its options open.

"We have oilfields in Myanmar, which is right next door, and our partner in Myanmar, Geopetrol International, already has operations in India," Luke Targett, Interra chief executive director, was quoted as saying.

Singapore Petroleum Company (SPC), currently producing 2,600 barrels daily from its Kapap field in Indonesia's West Natuna, is also eyeing India.

Its majority shareholder Keppel Corp has been steering SPC towards exploration and production activities to make it more diversified. Subsidiary Keppel Fels won its first two Indian rig orders this month.

"The Indian Ocean, which has significant oil and gas reserves, is one of the world's most sought after areas," said Keppel Offshore and Marine managing director Tony Chong Heong.

India is offering 55 new oil and gas exploration blocks this year, with bids closing in September.