"India Urged to Explore Oil & Gas Assets in North Sea and East Mediterranean"

Atul Arya, Senior Vice President and Chief Energy Strategist at S&P Global Commodity Insights, has urged Indian oil and gas companies to consider venturing into hydrocarbon-rich regions like the North Sea (UK) and East Mediterranean. Drawing on his extensive experience, including over two decades with oil major BP, Arya highlighted the potential for these regions to generate long-term value.

Arya emphasized the importance of a comprehensive analysis of the long-term value that such assets could bring. He noted the need for Indian companies to broaden their horizons and cautioned against a myopic focus on immediate bargains. Arya stated, "I think what needs to happen is, and also not to look at the bargain right now because the tendency is (that) the price will go down and we will jump in. But deals are happening today." He cited recent consolidations in the United States, such as Chevron acquiring Hess and ExxonMobil purchasing Pioneer (Natural Resources), as examples where companies prioritized value over immediate price considerations.

The call for exploration in these international markets suggests a strategic shift for Indian oil and gas companies, encouraging them to assess opportunities beyond domestic boundaries and invest in assets that promise enduring value over time.

HBL