In a bid to meet growing energy needs of the country, State-owned Indian Oil Corp (IOC) and GAIL are looking at picking up an equity stake in LNG projects in Africa. Both the companies are interested in farm-in opportunities in producing blocks, especially in Libya, Algeria, Egypt and Nigeria.
Hydrocarbon-rich Africa today supplies 35.31 million tonne, or 21.5%, of the nation’s crude oil needs. With natural gas demand projected to double in five years, India is looking to tie-up long-term supplies of liquefied natural gas from Africa.
India is the world’s fourth-largest oil importer after the US, China and Japan. At present, natural gas accounts for around 10% of India's primary energy basket, as against the world average of 24%. Recently, IOC, the country’s biggest refiner was planning to expand capacity by 87% to 2.46 million barrels per day (bpd) by 2020-21. At present, IOC and its subsidiary - Chennai Petroleum together control half of India’s 20 refineries with a capacity of 1.314 million bpd.
Company Name | CMP |
---|---|
Reliance Industries | 3021.25 |
Indian Oil Corp. | 175.20 |
BPCL | 667.50 |
HPCL | 583.00 |
MRPL | 212.60 |
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