African oil majors on India visit

NEW DELHI: African oil majors Sonatach, Nigeria National Petroleum (NNPC), Sudapet and Petrosen, are all set for an India safari on an invitation of petroleum minister Murli Deora. While India is eyeing oil and gas resources in 25 African nations, including Libya, Nigeria, Algeria, Sudan and Egypt, the visitors would explore joint investment options with Indian companies such as ONGC, IOC, Gail and RIL.

Africa accounts for around 10% of global oil reserves. Six countries— Nigeria, Libya, Algeria, Angola, Sudan and Egypt — together hold 95% of total oil reserves. Total crude oil production in the continent is about 10,410 barrels of oil per day (bopd) which accounts for 13% of world’s production. Africa produces about 185.02 billion cubic meter (BCM) of natural gas, about 7% of global production. Africa currently meets 16% of India’s crude oil needs. India imports over 70% of its crude oil requirement.

“The primary objective of this initiative is to provide a platform for exploring mutually beneficial partnership opportunities between Africa and India in the hydrocarbon sector,” Mr Deora said.