India to Focus on Increased Investment in African Oil and Gas Assets at India-Africa Forum Summit

- October 7th, 2015

Mining Weekly reported that the Indian government has directed national oil companies to start looking at increasing investments in oil and gas assets in Africa ahead of the India-Africa Forum Summit to be held in Delhi later this month.

Mining Weekly reported that the Indian government has directed national oil companies to start looking at increasing investments in oil and gas assets in Africa ahead of the India-Africa Forum Summit to be held in Delhi later this month.
As quoted in the market news:

Oil diplomacy, aimed at gaining greater access to oil and gas assets in Africa, was expected to be high on the agenda of the summit, which would be held from October 26 to 29, and would be attended by political leaders from 40 African nations.
The summit was expected to generate effective engagements for India to secure its energy security through more investment in the African oil and gas sector, a senior official engaged in organising the event has said.
India currently sourced about 16% of its $125-billion worth of oil imports from African nations and the government was keen to step up its oil diplomacy and increase the share to between 20% and 25% in the short term, the official pointed out.
Taking its cue from this, overseas investment arm of national oil and gas exploration and production major ONGC Limited, ONGC Videsh Limited (OVL), has been quick off the block to bid for at least six to seven blocks in Uganda.

Click here to read the full Mining Weekly report.

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