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Page added on March 31, 2008

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India Turns to Angola for Oil After Losing in Energy Auctions

India, Asia’s third-largest consumer of oil, will focus on obtaining energy assets in Angola after failing to secure supplies closer to home.


“Angola is the next country where we are going to concentrate,” Indian Oil Minister Murli Deora said in an interview in New Delhi. “We lost because our bid wasn’t good enough” in previous auctions, he said. “We have learned from this,” the minister said.

State-run refiners from India and China are among 43 companies that have submitted bids for 11 oil blocks in Angola, OPEC’s fastest-growing member. India’s oil shortage has spurred Deora to turn to Angola, with reserves equivalent to 11 years of India’s crude imports, after losing out to China in $10 billion of auctions in three years.


India’s energy independence has been threatened because it hasn’t been able to increase production at home, where output from three-decade-old fields is declining while economic growth boosts demand for gasoline and diesel. India will also compete for oil in Nigeria, Africa’s biggest producer, and Sudan.


Bloomberg



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