India, the world's third largest energy consumer, on Thursday sought stakes in Canadian oil and gas fields and crude oil supplies as it sought to deepen energy ties with one of the largest energy supplier. India also sought Canadian investment and participation in the ongoing auction of small and marginal discovered oil and gas fields.
Oil Minister Dharmendra Pradhan co-chaired the 3rd India-Canada Energy Dialogue with James Gordon Carr, Minister of Natural Resources of Canada here on Thursday.
Canada and India bilateral relationship was elevated to 'Strategic Partnership' during the visit of the Prime Minister Modi to Canada in 2015. "During the Energy Dialogue, both sides discussed aspects of bilateral energy sector engagements.
These included, inter-alia, Indian investments in Canadian upstream sector, sourcing of crude and technologies from Canada, and the recently launched Discovered Small Fields Bidding Round," an official statement said here.
Canada has some of the world's most advanced technologies in the hydrocarbon sector. Both sides also discussed regulatory best practices in the hydrocarbon sector, collaboration in the field of technology, including R&D, shale gas and gas hydrates technology and clean fuel technology, it said.
State-owned Indian Oil Corp (IOC) has 10 per cent stake in Pacific North West LNG Project in British Columbia along with Petronas of Malaysia and other partners. IOC is expected to offtake 1.34 million tons of LNG once the project is operational.
"In this context, Pradhan requested his Canadian counterpart for expediting the required federal environmental clearances for the project to take off at an early date," it said. He also invited participation of Canadian oil and gas companies to actively participate in Indian hydrocarbon sector infrastructure projects, including the gas sector. The two sides also discussed expanding the scope of Canada-India Energy Dialogue including in trade and investment in oil and gas, clean technology, electricity, renewables and energy efficiency.
"Both agreed to work towards enhancing understanding of policies, programs and regulatory practices in both countries, to promote and facilitate greater two-way trade and investment in the oil and gas sectors, including clean technology applied to the sector, for mutual economic benefit," it said.
A joint statement issued on the occasion said "actions to promote access to energy and align climate and energy policies will promote sustainable development and help enhance two-way trade between our countries, and provide better energy reliability for households." Stating that there is great complementarity between the two nations' energy agendas, both countries recognised the urgent need to take action to combat climate change through innovation and deployment of low-carbon solutions.
"Canada and India will encourage consideration of investment opportunities in their respective energy sectors, including the Indian upstream sector under the Discovered Small Fields bid round and the Hydrocarbon Exploration Licensing Policy.
"Canada welcomes investment in major projects and will keep India informed of federal environmental approvals for the Pacific North West LNG Project," the Joint Statement said.
Moving forward, the two nations will facilitate and expedite cooperative efforts towards the development of an action plan that will establish the critical steps forward on the implementation of specific cooperative energy projects.