Indian Foreign Secretary Shyam Saran said, in a joint statement issued during Chinese Premier Wen Jiabao's visit to India this week, that the countries should avoid getting into bidding wars in their race for foreign petroleum assets.
The two nations should consult more closely, coordinate, or even work together in such areas as Central Asia to secure future energy supplies by taking stakes in foreign oil and gas projects, the joint statement said.
The statement said India and China would encourage "relevant departments and units of the two countries to engage in the survey and exploration of petroleum and natural gas resources in third countries".
Chinese and Indian government-owned oil companies have spent billions of dollars during the past few years seeking stakes in energy assets around the world.
China imports over 40% of its 6.4 million barrel of oil per day (bopd) energy demand, while India imports about 70% of its energy needs and has stakes in projects in countries including Myanmar, Sudan, Russia, Libya and Australia.
