India eyes Angola’s oil

India is interested in getting oil from Angola.

India is keen to source more crude oil from Angola on firm basis, and has also expressed interest in acquiring oil and gas assets in that country.

The Petroleum Secretary, Mr S. Sundareshan, told reporters here at the Petrotech 2010 that these were some of the issues taken up with the Angolan Oil Minister, Mr Jose Maria Botelho de Vasconcelos, at the Ministerial level bilateral meeting.

Currently, India imports around 9 million tonnes a year of crude oil from Angola.

Looks to source LNG too

Besides, India is looking at sourcing liquefied natural gas (LNG) from Angola, which is setting up a 5.2 million tonne a year LNG facility.

Angola's Oil Minister Jose Botelho de Vasconcelos

Asked whether the Indian side would be given special treatment in acquiring oil and gas blocks, Mr

Sundareshan said, “We have sought special considerations. They have said they will look into it. But, we

will participate in any transparent process.”

Also, Indian public sector refineries are exploring the possibility of participating in refinery projects in Angola. The Secretary said recently a team of Indian companies – Indian Oil Corporation, Engineers India, and Bharat Petroleum Corporation – had gone to Angola to study prospects.

This development comes with China’s as Angola’s largest oil buyer and will certainly raise some eyebrows in Beijing, especially given the Indian and Chinese rivalry.

China has good relations with Angola as of now, so expect Beijing to outbid New Delhi on future and upcoming oil, gas projects, just like they have down across all of Africa. India has to be proactive on the continent and not act complacent like in the past.