It has been revealed that Qatar and India are to work together in a joint exploration and asset discovery programme. With the two nations deciding to focus on the gas and oil industry, it was agreed that cooperation would help to enhance operations. In addition, India also opened investment of their exploration and production to Qatar under the guise of the latest “Hydrocarbon Exploration and Licensing” Policy. Other joint efforts were also discussed.
In the latest agreement, the Qatar Investment Authority committed Rs 40,000 crore to India’s National Investment and Infrastructure Fund. Talking of the joint partnership, Emir of Qatar Sheik Tamim bin Hamad Al-Thani, along with Prime Minister Narendra Modi, said that India “highlighted the interest of its energy companies to pursue opportunities of mutual interest in Qatar, with Qatar Petroleum and other companies, in order to jointly explore new fields as well as development of discovered oil and gas assets and exploit the existing resources of natural gas and crude oil in Qatar.”
The official statement continued by revealing that India and Qatar both agreed to place a priority upon enhancing their cooperation in the energy sector. This would include areas of human resources development and training, as well as joint efforts in development and research. The two nations will also put more promotion behind potential joint ventures in both the exploration of new blocks, in India and further afield, and petrochemical complexes. It was also revealed that India had invited Qatar to take part in the second step of India’s strategic reserves storage facility that is currently being developed.
The agreement is expected to go further than the oil and gas sector, however, with leaders also deliberating on the potential aid they could offer one another in sectors such as insurance, capital markets and banking. Though there is already some cooperation, it is suggested that this should increase for financial institutions, such as between the Securities and Exchange Board of India and the respective central banks.
Finally, both Qatar and India discussed possible investment options in the latter nation, particularly those in infrastructure sectors and various asset classes. It is believed that both countries agreed to boost the participation levels for the former as a priority.
Overall, the gas and oil sector is set to see increased partnership between India and Qatar over the coming years. This could be vital as the industry goes through a challenging and turbulent time.
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