India may bid for oil and gas fields in the United Arab Emirates, Petroleum and Natural Gas Minister Dharmendra Pradhan said on the sidelines of a meeting in New Delhi today.
“We are in talks with some of their (U.A.E.) companies like Mubadla. Indian consortia may bid for fields in the next round (of auctions) with such companies,” Pradhan said. “Oil producers don’t want to miss India’s bus.”
India relies on imports for almost 80 percent of its oil needs from the Middle East.
Pradhan also said India would consider leasing a part of its third strategic oil reserve at Padur in Udupi district, Karnataka, if the Abu Dhabi National Oil Company expresses interest.
ADNOC, which currently stores crude at the Mangaluru storage cavern of Indian Strategic Petroleum Reserves Ltd, is said to be keen on storing crude at its Padur facility as well. ISPRL received ADNOC’s first crude consignment at its Mangaluru cavern in May.