After expressing disappointment over the lack of speedy approvals in India at the World Petroleum Congress which is currently being held in Moscow, BP Chief Executive Bob Dudley met Petroleum Minister Dharmendra Pradhan at the summit on Tuesday and is said to have discussed the issue of delay in implementation of new gas price regime as well early approvals to revive output in its KG-D6 fields.
Pradhan, who delivered the key not address in the conference earlier in the day, conveyed to various global entities present there (including BP), that the Indian Government intends to bring in policies which would ease the way for large foreign investments in the oil and gas sector. He added that there is a need for facilitating increased production in India and also to hasten the pace of domestic exploration and production.
To do so, the minister said that his ministry is already in the process of bringing out amendments and new policies.Dudley had been quoted as saying in the conference by various agencies that "it has been disappointing, the pace at which certain things have been approved - the price rising up towards a market price, there have been a number of delays in seabed surveys and the appraisals of various projects".
He was referring to the delays in regulatory nod and gas price revision that has frustrated BP's attempts to reverse falling gas output from KG-D6 field.