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I've always said: W. is the best President India ever had.
HEADLINE: Eastern promise of a new dawn
BYLINE: NARENDRA TANEJA
BODY:
India could witness an energy revival if the US lives up to its promises following President Bush's visit last week.
US President George W. Bush used his visit to India last week to promise to walk with New Delhi towards a new dawn in the energy sector that will support sustainable economic expansion for decades to come and give it a place at the high table in the global game of power, influence and politics.
Little wonder then that more than 80% of Indians have suddenly developed a great admiration for the former Texas oilman.
The deal that Bush concluded with Indian Prime Minister Manmohan Singh in New Delhi has given a huge boost to India's energy sector, with the country now expecting billions of dollars of new investments from the US and its Western allies in building new nuclear power plants and other projects.
The deal is aimed at helping it reduce its dependence on fossil fuels - 73% of its crude is imported - particularly from the Middle East.
Bush has also agreed to India's participation in FutureGen, an international public-private partnership to develop new and commercially viable technology for clean coal near-zero emission power projects.
India will now also join the Integrated Ocean Drilling Programme, an ambitious international marine research initiative that would contribute to long-term energy solutions such as gas hydrates.
The two countries will also study renewable energy and establish a clearing house in India for coalbed methane and coal mine methane, as well as for exchanging information on energy markets.
"Our biggest worry is mobilising energy for sustaining growth for the booming economy. The new deal with the US could not have come at a better time," said one senior Indian diplomat who was part of the Indian negotiating team. He added that Bush could see how an economically strong India was in the interests of the US.
India's Petroleum & Natural Gas Ministry is now hoping for substantial involvement by US oil players in the country's upstream sector.
The US government has already promised to facilitate a meeting of Indian Oil Minister Murli Deora with American industry leaders in Houston in the near future.
There are also indications that big names such as Chevron may bid for blocks on offer in the sixth round under the New Exploration Licensing Policy.
Deora has also decided to meet top industry leaders including ExxonMobil boss Rex Tillerson to attract big-ticket investment from the US into India's exploration endevours, particularly in deep and ultra-deep water.
Bush will now have to convince the US Congress to pass legislation to lift the ban on exports of nuclear technology to India.
The Nuclear Suppliers Group cartel will also have to be persuaded to lift the restraints that have crippled India's nuclear energy programme. This is a highly contentious issue and passage is by no means a given.
All this will have to be achieved fast in order to silence sceptics and critics in both New Delhi and Washington.
However, energy strategists in New Delhi point to a US trait of not fulfilling its promises or losing interest in areas that require long-term commitment.
Nevertheless, Indian players such as Oil & Natural Gas Corporation and Reliance Industries are not unduly worried on this score, saying they already have good relationships with companies like ExxonMobil.
The US and India do not have a history of co-operation in oil and gas.
In the late 1960s and early 1970s, American geologists infamously declared there was no oil off western India, where ONGC later discovered its flagship Bombay High field thanks to help from the Soviet Union.
This is, however, a new era in a new millennium. The US has never enjoyed such positive sentiment in India, a country that in the past was better known for its proximity with the Soviet Union, its leadership of the now defunct Non-Aligned Movement and its socialistic economic policies.
Oil and gas horizons in Asia would change forever if the US and India succeed in delivering this promise.
HEADLINE: Eastern promise of a new dawn
BYLINE: NARENDRA TANEJA
BODY:
India could witness an energy revival if the US lives up to its promises following President Bush's visit last week.
US President George W. Bush used his visit to India last week to promise to walk with New Delhi towards a new dawn in the energy sector that will support sustainable economic expansion for decades to come and give it a place at the high table in the global game of power, influence and politics.
Little wonder then that more than 80% of Indians have suddenly developed a great admiration for the former Texas oilman.
The deal that Bush concluded with Indian Prime Minister Manmohan Singh in New Delhi has given a huge boost to India's energy sector, with the country now expecting billions of dollars of new investments from the US and its Western allies in building new nuclear power plants and other projects.
The deal is aimed at helping it reduce its dependence on fossil fuels - 73% of its crude is imported - particularly from the Middle East.
Bush has also agreed to India's participation in FutureGen, an international public-private partnership to develop new and commercially viable technology for clean coal near-zero emission power projects.
India will now also join the Integrated Ocean Drilling Programme, an ambitious international marine research initiative that would contribute to long-term energy solutions such as gas hydrates.
The two countries will also study renewable energy and establish a clearing house in India for coalbed methane and coal mine methane, as well as for exchanging information on energy markets.
"Our biggest worry is mobilising energy for sustaining growth for the booming economy. The new deal with the US could not have come at a better time," said one senior Indian diplomat who was part of the Indian negotiating team. He added that Bush could see how an economically strong India was in the interests of the US.
India's Petroleum & Natural Gas Ministry is now hoping for substantial involvement by US oil players in the country's upstream sector.
The US government has already promised to facilitate a meeting of Indian Oil Minister Murli Deora with American industry leaders in Houston in the near future.
There are also indications that big names such as Chevron may bid for blocks on offer in the sixth round under the New Exploration Licensing Policy.
Deora has also decided to meet top industry leaders including ExxonMobil boss Rex Tillerson to attract big-ticket investment from the US into India's exploration endevours, particularly in deep and ultra-deep water.
Bush will now have to convince the US Congress to pass legislation to lift the ban on exports of nuclear technology to India.
The Nuclear Suppliers Group cartel will also have to be persuaded to lift the restraints that have crippled India's nuclear energy programme. This is a highly contentious issue and passage is by no means a given.
All this will have to be achieved fast in order to silence sceptics and critics in both New Delhi and Washington.
However, energy strategists in New Delhi point to a US trait of not fulfilling its promises or losing interest in areas that require long-term commitment.
Nevertheless, Indian players such as Oil & Natural Gas Corporation and Reliance Industries are not unduly worried on this score, saying they already have good relationships with companies like ExxonMobil.
The US and India do not have a history of co-operation in oil and gas.
In the late 1960s and early 1970s, American geologists infamously declared there was no oil off western India, where ONGC later discovered its flagship Bombay High field thanks to help from the Soviet Union.
This is, however, a new era in a new millennium. The US has never enjoyed such positive sentiment in India, a country that in the past was better known for its proximity with the Soviet Union, its leadership of the now defunct Non-Aligned Movement and its socialistic economic policies.
Oil and gas horizons in Asia would change forever if the US and India succeed in delivering this promise.
