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Pricing reform could tempt investors to India's energy sector

Despite its potential, major companies have largely shied away from India’s upstream sector. But they could be tempted if the government implements pricing reform

India is one of the world’s fastest growing-energy markets, yet since BP’s trailblazing $7.2 billion entrance with Reliance Industries two years ago there has only been lukewarm interest in its upstream potential. But pricing reform offers a glimmer of hope. The international oil companies (IOCs) are interested, particularly in India’s deep waters, but aside from BP, they are simply not stumping up big sums of money to get through the door. ConocoPhillips has signed a broad memorandum of understanding with state-run Oil & Natural Gas Corporation (ONGC). The US supermajor is evaluating 19 blocks picked by ONGC from its portfolio, but has mad

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