Stepping into a ministry that had in recent times been attacked for slow decision-taking, the new Petroleum Minister M Veerappa Moily today promised quick decisions and creating an environment conducive for investment to flow in.

Moily, 72, who replaced S Jaipal Reddy, said his priority would be to intensify domestic oil and gas exploration to reduce import dependence that had played havoc with inflation.

"Emphasis will be on quick decision making and innovation. Decisions should not be delayed. Delaying decisions will cost the nation. We do not want any delay in decisions," he said after taking charge.