GUWAHATI, Dec 7 ? To explore the untapped hydrocarbon sector, Canoro Resources Limited (CRL) is all set to invest Rs100 crore in the State. The leading oil company which has a strong presence in various parts of the country, will start its operations from January next.
The production sharing contract for Amguri oil field was signed between Petroleum Ministry and a consortium of Assam Company Limited (ACL) and Joshi Technologies International (JTI) in 2001 and the petroleum mining lease was granted by the State Government in 2003 vide letter No: PME/78/2001/60. But after withdrawal of JTI from the consortium, the ministry had renewed the order by making inclusion of CRL into the consortium.
?Our initial investment will be around Rs 100 crore to start our operation and to complete our formalities. But the investment will be more in coming days?, a senior official of CRL told this correspondent today. For proper exploration of country?s hydrocarbon sector, the Petroleum Ministry had decided to hand over some oil fields ( small and not economically viable for the ONGC and OIL) to the private companies. And as per new decision Amguri oil field was handed over to private company in order to explore the potential.
He further said that the new investment would help in improving the existing infrastructure and growing unemployment problem of the State. ? This is a new beginning of foreign direct investment which would further attract foreign companies?, he observed. On prospect of hydrocarbon industry, he informed that the company would remain in the state for about 25 years as per the agreement and during the period it would explore the potential.
Despite providing a lot of incentives by the State Government under the new industrial policy, foreign direct investment in Assam is far less compared to other states in the country. To solve the growing unemployment problem, the State Government is now seeking investment particularly in the hydrocarbon sector. And it is learnt that several companies have submitted proposals to the State Government seeking investment. The proposals are now under scrutiny for giving final approval.