India, which is the fourth largest importer of oil in the world, has lagged behind other players in concluding deals with the Canadian authorities for exploiting the country's giant oilsands, according to Canadian Energy Minister Joe Oliver.

Mr. Oliver said that the Indian oil companies might start striking deals with Canada in the coming five years. Canada Needs an estimated investment of $650 billion during the coming decade and it believes that most of the investment will come from other countries. Mr. Oliver is scheduled to visit Delhi and Mumbai in the coming days.

China is increasing focusing on oil fields in northern Alberta, one of the world's biggest crude oil deposits and is striking deals. However, India has not entered into such deals yet and is expected to start looking at the country as a potential destination for oil imports.

Oliver said, "I think they realize ... they are certainly behind others, and they acknowledge that. They are looking to Canada now with increasing interest. I can't predict what precisely they'll do, but I'd certainly be surprised that if in five years from now the picture didn't look quite a bit different."

Canadian politicians have shown hesitation about allowing state-run Chinese firms from buying large tracts of oil fields and large corporations. However, Indian oil firms are partly owned by an elected government of the country which is the world's largest democracy. This might ease concerns in Canada about selling energy assets in the country.