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India looks to boost energy ties with UK

Oil minister Dharmendra Pradhan is set to meet his counterpart in the new UK cabinet Greg Clark as well as British industry executives in September, pitching for investments in India’s hydrocarbon sector as part of New Delhi’s desire for closer trade and investment ties with the nation after its decision to leave the European Union.At the proposed meeting with the secretary of state for business, energy and industrial strategy, Pradhan will also explore areas of give and take in the energy sector that could later become part of a broader trade and investment agreement between the countries, said a person privy to the plan, who asked not to be named.

The UK has many oil and gas services firms, especially in Aberdeen in Scotland, considered the oil capital of Europe.“The UK has a large variety of large, mid-sized and small and independent operators who have the skills to exploit the hydrocarbon opportunities in India. With the Indian oil and gas sector opening up under the new Hydrocarbon Exploration and Licensing Policy and starting with the Discovered Small Fields auction round, the possibilities are strong and are not affected by Brexit (the decision the exit the EU, by a 23 June referendum). If at all, India comes closer to parity with Europe from the UK standpoint and stands to benefit from the developments,” said Anish De, partner and head of oil & gas, KPMG in India.