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Unveiling another facet of its oil diplomacy, India is now reaching out to Africa. On invitation from the petroleum ministry, top executives of the oil industry from 15 African nations will arrive in India this May to explore business avenues in the hydrocarbon sector.
The ministry, along with FICCI, has also invited energy ministers, oil companies, retail vendors, shipping, pipeline and transportation companies from these countries.
The conference comes at a time when India is seriously looking overseas for exploration, production and downstream activities.
The countries invited include Angola, Cameroon, Chad, Congo Equatorial Guniea, Ethiopia and Gabon. Officials and corporates from Ghana, Nigeria, Senegal, Sudan, Ivory Coast and Mauritiana are also likely to visit India for the conference.
The objectives of the conference include forging partnerships between India and African public and private sector companies, and facilitating joint ventures, technology transfer, supply of equipment, consultance and advisory services.
The list of invitees will also include natural gas producing companies, petrochemical companies, legal experts and consultants to showcase the business opportunities in the hydrocarbon sector in Africa.
Africa currently holds 9.4 per cent of the world's proven oil reserves and produces nearly 11 per cent of the world's total oil production. In addition, in the last decade, Africa has registered a 30 per cent increase in oil production. With India importing 16 per cent of its requirement from Africa (mainly Nigeria), there still is a lot of potential that needs to be tapped.
Oil from Africa, particularly from the Gulf of Guinea, is of high quality with low sulphur content.
In return for exploration opportunities in Africa, India will offer expertise for providing oil infrastructure.
The conference will showcase India's competence and know-how in exploration and production activities and technology for upgrading old refineries. India is also expected to offer co-operation in operation and maintenance of refineries, turnkey project implementation, laying pipelines and building infrastructure.
