BHP Billiton, one among the top-three mining companies in the world, has omitted India?s name from the list of companies where the company is investing. In fact, while saying there are massive potentials in the Asia market in the times to come, BHP?s presentation says that ?India has lost momentum in the short term.?
The company, however, also says that its agenda is more on developmental projects for the coming few years than exploration and that its investments in exploratory work would keep falling for the next two years.
BHP recently walked out of nine oil and gas exploration blocks in India sending the government in a tizzy on falling reputation and credibility of India?s exploration and production sector in the eyes of foreign investors. BHP cited tardy pace of approvals had stopped it from taking its plans ahead in the Indian oil and gas space.