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Rajat Dubey asked: Which are the main countries in Africa where India can venture for petroleum field acquisition in near future?

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  • Ruchita Beri replies: The major oil producers in Africa are Nigeria, Algeria, Libya, Angola, South Sudan, Equatorial Guinea, Egypt and Gabon. In recent years, new oil and gas deposits have been discovered in some other African countries as well, such as Ghana, Uganda, Mozambique and Tanzania. Indian companies, such as Oil and Natural Gas Corporation Videsh Limited (OVL), have acquired exploration and production assets in several African countries, particularly Egypt, South Sudan, Nigeria, Libya and Algeria. Similarly, the Indian Oil Corporation Limited and Bharat Petro Resources Limited (BPRL) too have also acquired equity assets in Mozambique and are in look out for other opportunities in the region. While Indian companies, as other independent oil majors, continue to invest in Africa, the recent instability and conflict in countries, such as Libya, Egypt and Sudan, have at the same time brought forth the risks and pitfalls in following such a course.