With a strong industry backing for recent policy reforms, investor’s confidence in India’s oil and gas market has gone, says a study conducted jointly by PetroFed and EYE ON.
The results of their one-month long investor index and market survey were unveiled at the Annual PetroFed Awards ceremony held at New Delhi on August 8, 2016.
Results showed increased investor confidence in India’s oil & gas market and strong industry approval of recent policy reforms. The survey shows 87% of investors have confidence in the country’s oil & gas market, with increasing trust in the industry’s potential over the medium to long-term.
“Over 82.8% of respondents gave a positive rating for investment conditions today, and 92.3% project that investment conditions will be positive in the long-term. As per the survey results, the new government policies like Hydrocarbon Exploration and Licensing Policy (HELP) have been received very positively,”said a statement from Petrofed.
In her keynote speech on the occasion of the PetroFed Awards, Chairperson of Shell India, Dr Yasmine Hilton noted that in order to keep growing the economy and to provide a decent standard of living for the many (not just for the few), India needs inclusive growth.
“Fuelling this growth requires plentiful, lower-carbon energy and breakthrough technologies. Shell can play a significant part in the energy transition in India,” she added.
Hilton added that oil minister Dharmendra Pradhan’s foresight and vision has helped in reforming the oil and gas industry. “The Minister is championing the Gas4India campaign. I also sincerely hope that industry and government together can do more to promote the use of natural gas, the cleanest-burning fossil fuel”.
The Annual PetroFed Oil & Gas Industry Awards for 2015 for excellence in performance in various categories were presented by K.D. Tripathi, Secretary; Ministry of Petroleum & Natural Gas. The 15 awards including special commendation given away were in 11 categories for performance during the financial year 2014-15.
While exhorting the industry captains present to strengthen the country’s oil & gas sector, Tripathi congratulated the companies in the private sector and the public sector as well as the individuals who received the awards.
The Secretary on the occasion also released the study report initiated by PetroFed in association with ICRA on “Impact of Soft Global Crude Oil Prices on Indian Oil & Gas Industry”. The purpose of the Study Report is to assess the macro and micro level impact of plunging oil prices on the Indian economy, oil and gas participants and downstream consuming sectors.