The United States could become the largest investor in India's booming oil and gas sector, surpassing Europe, said Petroleum and Natural Gas Minister Mani Shankar Aiyar.
His optimism emerges from the overwhelming response his roadshow in the Houston, Texas generated from prospective investors and oil giants like Exxon Mobil, Chevron Texaco, Shell, Conoco Phillips, UNOCAL, Anadarco and Samson International. Some 20 other exploration and production companies were also present at the roadshow.
With the discovery of huge gas reserves, India is now looked upon as a hydrocarbon potential country opening up juicy investment opportunities in exploration of oil and gas.
India, said Aiyar, in a teleconference from Houston with Washington-based correspondents at the Indian embassy, Aiyar said: "We were particularly pleased to note the participation of almost all the principals and this is the first time that the majors have taken part in such a big way in our road shows."
"The mere participation of so many companies in the road show is itself the first and most important sign of our beginning to emerge in the consciousness of US-based companies," Aiyar said. The interest that was shown at the meet could well translate into huge American investment into the India oil and gas sector, he added.
He said, "It was not without significance that the China National Petroleum Company was also substantially represented by its Houston office at the roadshow."
"The reason for this interest is that in the course of last year or two, India has begun to get clubbed with China as a significant player in the global oil economy," he added.
Aiyar informed the gathering that India garners about $5 billion a year in foreign direct investment annually, about a third of which goes into the oil and gas sector.
Aiyar and his team are scheduled to hold more roadshows in Calgary on Thursday and Friday, and in Moscow on February 14.
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