Indian Oil and gas firm Royal Dutch Shell is upbeat about the prospects of gas market in India and intends to re-enter the upstream business in the country.

The firm is however looking forward to a stable policy and an open acreage licence for exploration from the government, reports The Economic Times.

Shell projects & technology director and top executive committee member Harry Brekelmans was quoted by the news daily as saying: "We would continue to look at upstream opportunities in India.

"At the moment, we have not been able to see anything that is attractive enough and will continue to look at how policies develop."

The Asian country is in need of private investments to push its oil and gas production business.

Stagnation in the market has forced India to import almost 80% of its crude oil with several of its power generation facilities being on hold or underutilised.

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India, which has been trying to invite foreign investments for reviving its hydrocarbon production initiatives, has however not been widely successful.

The country is presently trying to develop a new oil and gas exploration policy which is likely to replace the 16-year-old New Exploration Licensing Policy (NELP).

India intends to auction its hydrocarbon reserves in a fresh round, and might be required to design new policy to lure in investors.

Shell Companies in India chairman Yasmine Hilton said: "We are quite interested in the new policy which suggests that the open acreage licence OLAP (may be offered) and we think that may give us a different opportunity to look."