Oil Hunt: India, China to Join Hands

The ministry of petroleum and natural gas is giving final touches to a strategy paper on India-China cooperation in the hydrocarbon sector. The essence of this paper is to encourage cooperation in place of competition between the two sides.

With India and China being principal importing countries, both are pursuing similar policies and strategies at home and abroad to enhance their energy security over the next 20-30 years. However, competition between the two for acquiring same oil and gas fields abroad is leading to higher prices being demanded by owners of these properties.

Therefore, in order to maximise returns from the efforts being made by them separately at home and abroad, the two countries should pool their resources to ensure assured supplies at reasonable prices.
The Financial Express