African oil companies plan JVs in India

African oil majors Sonatach, Nigeria National Petroleum (NNPC), Sudapet and Petrosen are all set for an Indian JV.

While India is eyeing oil and gas resources in 25 African nations including Libya, Nigeria, Algeria, Sudan and Egypt, visitors would explore joint investment options with Indian companies like ONGC, IOC, GAIL and RIL. Africa accounts for around 10% of global oil reserves and six countries Nigeria, Libya, Algeria, Angola, Sudan and Egypt hold 95% that reserve. Total crude oil production in the continent is about 10,410 barrels per day (bpd), which accounts for 13% of world’s production. Over 100 delegates from 25 African nations are expected to participate in the two-day event starting from November 6 in New Delhi. The two-day event will be inaugurated by minister of external affairs Pranab Mukherjee. The event has been jointly organised by the petroleum ministry, FICCI and UNCTAD.

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