The Indian economy is a net importer of almost all forms of energy. This fact, coupled with the country's growing energy needs, has intensified discussions on energy security for the country. The government of India is thus actively seeking private participation in the energy chain to bring in the required investment and technologies and is also promoting acquisition of oil & gas reserves overseas.
To increase upstream investments, the Ministry of Petroleum & Natural Gas formulated New Exploration Licensing Policy (NELP) in 1999 providing investors a level playing field and incentives to attract investment & technology. Under the policy, blocks for exploration are awarded through global competitive bidding process which is most transparent. So far, eight bidding rounds have been held awarding over 230 blocks resulting in 71 oil and gas discoveries in 19 exploration blocks.
ADVANTAGE INDIA:
World's largest democracy, fourth largest economy in terms of purchasing power parity of GDP
Healthy GDP growth rates of more than 7% per annum from 2003-04, resulting in a surge in demand for energy and hydrocarbon sources
Fifth largest consumer of energy in the world with 6% annual growth in demand for petroleum products
Less than one-third of the hydrocarbon reserves have been established so far, leaving a substantial resource base unexplored
Oil & Gas industry estimated at about US$ 140 billion; a large domestic market where demand outstrips supply
One of the largest emerging gas markets in the Asia-Pacific; share of gas in energy mix likely to go up from 9% currently to 20% by the year 2025
Poised to become a major export hub with plans to augment refining capacity from current 178 to 240 million tonnes per annum by the year 2012
Huge potential exists for the expansion of pipelines, transportation and infrastructure segments
US$ 250 billion investment needed in major segments; sector opened up for private and foreign investment
Petrotech 2009 (8th Edition), Asia's biggest biennial oil & gas industry event, was concluded on the 15th Jan 2009. Over 4000 delegates, guests & speakers from across the globe participated in the event.
under the aegis of: 
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