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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U.S. Navy frees Taiwanese ship from Somali pirates

The U.S. Navy on Monday helped free the fifth ship in a week hijacked by Somalia pirates, attempting to bring security to crucial shipping routes between the Red Sea and Indian Ocean.

Pirates released the Taiwanese fishing vessel five and half months after seizing it. The Navy is in contact with two remaining ships held by pirates in Somali waters. The latest fishing vessel freed by the U.S. Navy had two Taiwanese and 12 Chinese crew members aboard when it was hijacked 137 miles off the coast of Somalia's capital, Mogadishu, in May. Pirates killed one of the crew members in June, according to Andrew Mwangura, head of Seafarers Assistance Program's Kenyan chapter. Two other boats hijacked by Somali pirates in May were freed after U.S. Navy personnel spoke to them by radio. Somalia's lawless coastlines are a haven for heavily armed pirates who use speedboats with Global Positioning System equipment, anti-tank rocket launchers and grenades.

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