India Increasingly Turns To Africa To Secure Its Energy Needs

Over the last couple of years, India’s oil imports from Russia have been on the decline, due in part to sanctions and other factors. Accordingly, India is increasingly looking elsewhere, particularly Africa, to increase its oil imports and diversify its energy sources. According to Reuters, India recently increased its oil imports from Africa from 143,000 b/d to 330,000 b/d over a two months period.

Also, the country is making significant capital investments into various energy production projects on the African continent. Recently, ONGC, Bharat Petroleum, and Oil India approved a $175 million loan in the Area 1 Mozambique gas project, with reserves in excess of 75 Tcf of gas.

BPCL also recently announced plans to invest approximately $33 billion on various exploration and production projects in Mozambique and Brazil.