Oil Min calls for new exploration policy to attract global investors

Union oil minister S Jaipal Reddy has said that a simpler, transparent and less intrusive regime is the need of the hour to expedite the oil and gas exploration with an aim to attract global companies. Addressing the Petrotech energy conference in New Delhi obn Monday, Reddy said that New Exploration and Licensing Policy have succeeded in attracting investor's interest and there is a need to sustain it. Reddy also said that hydro-carbon sector in India offers great opportunities for both Indian and international companies.