Narendra Modi is on course to become India’s next prime minister, ushering in a predicted revamp to expand international involvement in Indian upstream, as his Bharatiya Janata Party (BJP) cruised to its greatest victory ever in the country’s general elections.
Combined trends and results emerging from India indicate a landslide victory for BJP, which might end up winning more than 280 seats out of a total of 543 seats in the Indian Lok Sabha, the lower house of the parliament.
The National Democratic Alliance (NDA), which is led by the BJP and some of its smaller allies is poised to win more than 325 seats in total.
While a final tally of results is not expected to emerge from the country's electoral commission until late on Friday, Modi's rivals the ruling Congress Party have already conceded deafeat and he has claimed victory.
Modi’s victory in the Indian elections is being seen as a vote for development and is likely to boost the fortunes for India’s oil & gas industry.
Narendra Modi has a ‘pro-corporate’ image and has been instrumental in the rise of Gujarat-based E&P player Gujarat State Petroleum Corporation (GSPC).
Modi even has a close understanding of the oil & gas sector, sources suggested.
As the Chief Minister of Gujarat, Modi has led to the development of E&P sector, pipelines, refineries, fabrication yards and liquefied natural gas (LNG) terminals in Gujarat.
Experts say that Modi would now like to replicate the Gujarat model of development on a pan-India basis.
The BJP government led by Narendra Modi is expected to revamp India’s oil & gas sector and usher in major reforms.
“We will do everything to make India an attractive destination for E&P,” Narendra Taneja, the National Convenor of BJP’s Energy Cell told Upstream.
Taneja says that BJP will take measures to incentivise domestic exploration and production of oil & gas, so that India could reduce its dependence on imported fuels.
BJP plans to give top top priority to deep-water and ultra-deepwater segment for improving the fortunes of the Indian hydrocarbon industry.
Changing India’s image internationally is high on BJP’s agenda.
“We want to completely change the perception (India's) oil & gas sector is looked at internationally and perceive it as an investor-friendly destination,” Taneja added.