1. India seeks stake in Canadian oil, gas fields

India seeks stake in Canadian oil, gas fields

Canada and India bilateral relationship was elevated to 'Strategic Partnership' during the visit of the Prime Minister Modi to Canada in 2015.

By: | Published: September 8, 2016 10:56 PM
China may penalise offshore oil companies for spills - Xinhua India also sought Canadian investment and participation in the ongoing auction of small and marginal discovered oil and gas fields. (Reuters)

India, the world’s third largest energy consumer, today sought stakes in Canadian oil and gas fields and crude oil supplies as it sought to deepen energy ties with one of the largest energy supplier.

India also sought Canadian investment and participation in the ongoing auction of small and marginal discovered oil and gas fields.

Oil Minister Dharmendra Pradhan co-chaired the 3rd India-Canada Energy Dialogue with James Gordon Carr, Minister of Natural Resources of Canada here today.

Canada and India bilateral relationship was elevated to ‘Strategic Partnership’ during the visit of the Prime Minister Modi to Canada in 2015.

“During the Energy Dialogue, both sides discussed aspects of bilateral energy sector engagements. These included, inter-alia, Indian investments in Canadian upstream sector, sourcing of crude and technologies from Canada, and the recently launched Discovered Small Fields Bidding Round,” an official statement said here.

Canada has some of the world’s most advanced technologies in the hydrocarbon sector. Both sides also discussed regulatory best practices in the hydrocarbon sector, collaboration in the field of technology, including R&D, shale gas and gas hydrates technology and clean fuel technology, it said.

State-owned Indian Oil Corp (IOC) has 10 per cent stake in Pacific North West LNG Project in British Columbia along with Petronas of Malaysia and other partners.

IOC is expected to offtake 1.34 million tons of LNG once the project is operational.

“In this context, Pradhan requested his Canadian counterpart for expediting the required federal environmental clearances for the project to take off at an early date,” it said.

He also invited participation of Canadian oil and gas companies to actively participate in Indian hydrocarbon sector infrastructure projects, including the gas sector.

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