PM dangles $300 bn investment opportunity before global oil & gas majors

Says comprehensive energy policy coming soon; industry asks for stable contract framework, seismic data sets, biofuels push, improved gas supply

The Union government says there will be investment opportunities worth $300 billion in the petroleum sector over the next 10 years.

In a three-hour meeting on Monday with global companies, chaired by Prime Minister Narendra Modi, the government sought further investments in the country's oil and gas sector.

It highlighted new policies, including last week's relief for petroleum exploration and production in the goods and services tax (GST) -- the levy on offshore exploration, beyond 12 nautical miles, goes from the 18 per cent slab to the 12 per cent one. However, industry leaders say this is not such a big thing;