India has asked oil companies to boost its relations with Africa, rich in resources as India wants to take advantage of falling oil prices to block supplies to meet future demand.
Oil has fallen to 12-year lows this year under pressure from oversupply and signs of economic weakness in China, second largest consumer of the world’s largest supply of oil deepening.
India, the third largest oil importer in the world, has increased oil imports from Africa in 2015 and New Delhi wants to increase shipments in the region.
African nations wants to do investment in India to increase its oil production and develop infrastructure.
Equatorial Guinea has offered India equity in oil blocks, the minister said, while Algeria is keen to tie-ups with India for exploration and petrochemical projects in development. Algeria wants to increase oil supplies to India.
Sudan has offered three oil and gas blocks for exploration and development of ONGC Videsh, the overseas arm of Oil and Natural Gas Corp.
