State-owned oil firms to explore African countries to meet LNG demand

09 Dec 2011 Evaluate

In the wake of rising natural gas demand, which is projected to double up in coming five year, state-owned Indian Oil Corp and GAIL are exploring opportunities to pick up stake in Liquefied Natural Gas (LNG) projects in Africa.

Africa, with abundant hydro-carbon, accounts for 35.31 million tonnes or 21.5% for the India’s crude oil requirement. 'Our companies are interested in farm-in opportunities in producing blocks, especially in Libya, Algeria, Egypt and Nigeria,' S. Jaipal Reddy, Petroleum and Natural Gas Minister said.

India is looking to tie-up long term supplies of LNG from Africa. 'Our companies such as GAIL, Petronet LNG and IOC are interested in sourcing LNG on a long-term basis from Africa; explore possibilities of equity participation in existing/proposed LNG liquefaction projects; business opportunities in gas processing and gas-based petrochemical projects in Africa; and farm-in opportunities in producing gas blocks for conversion to LNG and dispatch to India,' he said.

India is looking forward for aforementioned opportunities in oil-rich African countries viz., Angola, Ghana, Sudan, Algeria, Congo, Nigeria, Uganda, Cote D'Ivoire, Mozambique, Chad, Gabon and Tanzania. Indian firms are also keen to farm-in opportunities in gas-producing blocks especially Libya, Algeria, Egypt and Nigeria. Presently, India is the fourth largest oil importer in world after the USA, China and Japan.

'During the next five years, India's demand for liquid petroleum products is projected to grow at a CAGR of 4.7 per cent, while the demand for gas is expected to grow at a CAGR of 14 per cent,' he added. Currently, natural gas accounts for around 10% of country’s primary energy basket compared to world average of 24%.

However, India is increasing its LNG re-gasification capacity from the present 13 million tonnes per annum to 30 million tonnes by 2015. To carry gas all over India, 8000 km gas pipelines are being laid, whereas another 5000 km are under construction.

'In the years ahead, we seek more crude oil and LNG from Africa,' Reddy said, aby adding further he said that the nation's oil refining capacity will rise from 194 million tonnes per annum currently to 238 million tonnes per annum by 2013.

'During 2010-11, India exported 50 million tonnes of refined petroleum products. With our refining capacity increasing further, this figure is likely to touch about 70 million tonnes by 2014, making India one of the world's major exporters of petroleum products,' he added.

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