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"ConocoPhillips is selling LNG to South East Asia at a price that is not significantly higher than the price at which we have contracted LNG from Iran," Tripathi said at a seminar on 'oil and gas exploration opportunities in Australia'.
New Delhi has contracted 5 million tonnes per annum of LNG from Iran for 25 years at a delivered price of $4.10 per million British thermal unit.
Iranian LNG is to arrive in 2009-10 and there was huge demand, which Australia can fill, he said, but did not elaborate. "Representatives of ConocoPhillips met me today... they wanted to know the demand for natural gas in India and the current deficit," he said.
Describing talks at as "exploratory", Tripathi said very preliminary discussions have been held and commercial negotiations would have to take place between companies.
The petroleum secretary said Indian companies were also in touch with Shell for import of LNG from Australia.
Both Shell and ConocoPhillips have LNG production facilities in Australia and are looking for markets. India, which has an unmet demand of 50 million standard cubic meters per day of natural gas (about 13 million tonnes of LNG), offered a viable market.
Tripathi called for partnership between Indian and Australian oil and gas companies for oil and gas exploration in both countries.
Australia has offered 29 offshore blocks for bidding for international oil firms to attract investment in exploration. Indian firms have been urged to participate in the bidding round.