BG bets big on India

BG, that recently sold its stake in Gujarat Gas , says it is extremely bullish on India's offshore blocks. It believes these blocks hold nearly 50 billion barrels of reserves.

BG's suggestion to the Indian government is to supplement NELP with other avenues like acquisitions to unlock the true value of these blocks. BG added that in order to attract investments, India must make it clear that production sharing contracts are sacrosanct and bring more clarity on the regulator front, reports CNBC-TV18.

Sami Iskander, executive vice-president, Africa & South Asia BG Group, says that there is a lot of investment awaiting the Indian government's decision on extensions of PSC. Clarity on that point is very important. If companies like us and partners like ONGC and Reliance are going to invest within the license block, we need to have clarity of what's going to happen over the medium and long term.

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