New Delhi (AsiaNews/Agencies) – India, Asia's third-largest consumer of oil, wants Angolan oil and is fine-tuning oil agreements with Venezuela. After losing out to China for energy assets in Kazakhstan and Myanmar, India is now launching its own a worldwide strategy. It estimates that its demand for oil will rise 62 per cent over the next five years to 241 million tons a year, or 4.8 million barrels a day.
Angola’s output is about 1.9 million barrels a day but its reserves, which are the equivalent of 11 years of India's imports, are not fully exploited.
Like in Asia New Delhi is facing stiff competition from Beijing, which has been active in Africa for years.
Currently, 43 foreign companies are bidding to explore for oil in Angola. The African nation is offering 11 licenses for fields with a potential of 9.6 billion barrels of oil reserves.
And in this race New Delhi is a quick learner. Like China it is offering to build ports and railways in Nigeria and Sudan. Last November it also hosted a two-day India-Africa conference to discuss oil cooperation
India can produce only half the gas it needs to generate electricity, causing blackouts and curbing economic growth.
Next month India’s Oil Minister Murli Deora will travel to Venezuela to seal a deal between India’s Oil & Natural Gas Corp and Petroleos de Venezuela SA. The Indians will invest up to US$ 356 million in a joint venture with the state-owned Venezuelan company in the San Cristobal area.
In the meantime India is also seeking deals with Russia to explore for oil on Sakhalin Island.
Similarly, a natural gas pipeline between Iran and India via Pakistan is also in the works despite opposition from the United States, and objections at home to deals involving its traditional rival Pakistan.