India eyes Africa for oil, gas assets to meet energy needs

  • 03/04/2008

  • Hindu

Alarmed by the growing influence of China in the oil and gas sector in many African countries, India has decided to turn its focus from the OPEC countries to the African nations for acquisition of oil and gas assets to meet surging energy requirements. Not only has India offered to be partners in the exploration and production of oil and gas assets in the African nations, it has also decided to offer technological and technical assistance in setting up infrastructure projects, including refineries, laying of pipelines and training personnel. "India has a very cordial and old relationship with African nations and now we are going to move forward in a big way to further consolidate this relationship and give it a new shape. We will certainly look aggressively at Africa for oil and gas assets to ensure energy security for the country,' Petroleum and Natural Gas Minister Murli Deora stated. Mr. Deora said the very fact that the oil and gas utilities along with the Petroleum Ministry held an Indo-Africa meet in New Delhi in November last indicated their seriousness in pursuing this relationship and giving it a logical shape. He said Angola was the next country on which India was going to concentrate. "We have learned from our past experience and want to correct the situation.' India lost to China $10 billion in auctions recently. Mr. Deora said India wanted to acquire more oil and gas fields and help the African nations in setting up new projects such as refineries, petrochemical plants and pipelines. The aim is to raise imports from the region by about 32 per cent in the next two to three years. Crude oil imports could rise to 25 million tonne from 19 million tonne. India is focusing on reducing its dependence on OPEC from where it imported 73 per cent of its oil needs. India was also looking at importing Liquefied Natural Gas from nations such as Nigeria, Angola, Algeria and Egypt.