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Business EconomyPosted at: Jan 19 2016 6:46PM


As turmoil hits West Asia, India looks at Africa to boost energy security

New Delhi, Jan 19 (UNI) As political volatility grips the West Asia, India is looking at Africa to boost its long-term energy security.
Indian oil companies like ONGC Videsh and Oil India already have significant presence in the continent’s hydrocarbon sector as equity player, now refining companies like Indian Oil Corporation too are looking at Africa to diversify their crude sourcing.
Meanwhile, India’s petroleum consumption is growing at a brisk pace while domestic production is stagnating. For example, India’s petroleum consumption grew at 9.5 per cent during April-November while production declined by 0.4 per cent.
India is now the third largest importer of oil in the world. By 2040, India will account for a quarter of rise in global energy consumption.
The International Energy Agency (IEA) estimates that in order to stay on its current growth trajectory, India will have to increase its energy consumption by at least 3.6 per cent annually. This will lead India’s energy demand to double by 2025, compelling it to import 90 per cent of its petroleum supply.
In the third India Africa Forum Summit held in New Delhi in October 2015, the government had outlined human resource development, energy, infrastructure, agriculture, health, education and skill development as key areas for cooperation between the two sides.
Energy security presently stands as the third major focus area of India-Africa bilateral ties. Africa, with its huge hydrocarbon resources, and India, with its rapidly rising demand, huge human resources, experience, technology and ability to invest capital, are natural partners poised for further growth.
Africa is not only rich in the hydrocarbon sector, it also represents a number of dynamic countries whose own demand for fuel, petroleum products, technologies, jobs, skills and investments is growing at a fast pace, opening added opportunities for Indian companies for equity investment in the African energy market.
India has proven its expertise in exploration, refining, consultancy, training and infrastructural developments e in hydrocarbon sector.
India- Africa bilateral has grown from 8.2 billion dollar in 2004 to 75 billion dollar in 2014 and now projected go up to 100 billion dollar in two to three years.
In 2015, Nigeria was the second largest exporter of crude oil to India after Saudi Arabia.
India has shown keenness to upgrade its relationship with energy-rich African countries to strategic energy partnership.
In that context, the 4th India-Africa Hydrocarbon Conference here on January 21-22 aims to explore opportunities, bridge boundaries and boost bilateral trade between India and Africa.
The conference will provide a global forum for energy Ministers of Twenty Five African Countries to share their vision and chart out the road map for extended energy cooperation in the coming days.
The conference will bring together leaders in the worlds of energy to network with other influential peers, gaining new perspectives by hearing distinguished CEOs from India and abroad, exchange expert insights, and develop strategies for the next big steps towards enhanced energy cooperation.
UNI NM ABI 1846
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Tags: #As turmoil hits West Asia# India looks at Africa to boost energy security
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