Mike Watts is the cofounder of Magna Energy, an exploration and production (E&P) startup with no operations and a contrarian business strategy targeting Indian oil and gas.At a recent presentation in Houston promoting India’s upcoming bid round of small field discoveries, Watts, who led Cairn Energy’s exploration program when it made big deals and discoveries in India, played up the country’s unrealized oil and gas potential.
“You need to be passionate and believe in the geology of India,” Watts told the 150 people who attended the road show publicizing the bid round. Based on his experience dating back to the 1980s, he believes India “is vastly unexplored compared to the potential.”
His vision has the backing of Carlyle Group, a private investment bank, which committed up to USD 500 million to support Magna’s program to build production and reserves in India.
The upbeat mood of the road show contrasted with the dark mood of the current global oil business. India is “a big growing market which is a bright spot in an unsettled world economy,” said Dharmendra Pradhan, India’s minister of Petroleum and Natural Gas....
India Road Tests Its E&P Growth Plan
Stephen Rassenfoss, JPT Emerging Technology Senior Editor
20 August 2016