Seeking closer ties with the hydrocarbon-rich Africa, India today proposed to invest in oil fields and increase purchase of crude oil and LNG from the continent, Minister of State for Petroleum and Natural Gas Jitin Prasada said today.
"Our objective with Africa has been to build up a strategic partnership of enduring dimension in the oil and gas sector," he said in his valedictory address at the Second India-Africa Hydrocarbon Conference here today.
As India is hugely dependent on oil and natural gas imports, there is huge potential of Africa and India coming closer, he said addressing the representatives from 15 countries including 10 ministers.
The conference is part of New Delhi's attempt to catch up with Beijing which has developed deeper ties with Africa.
ONGC Videsh, the international exploration of the public sector energy giant ONGC, he said, has already invested $2.5 billion in the Sudanese oilfields. "Our focus has been to step up investments...In exploration and production."
"India can be a partner of African countries in the modernisation of their refineries," he said. "India is also keen to have partnership with the African nations by offering its expertise for development of their gas sector."
Since already over 15 per cent of the country's crude imports coming in mainly from Nigeria and Angola, he said Indian companies are willing to buy more crude as also explore opportunities to source more LNG.