OIL & GAS: Indians Eye Oil & Gas Africa
Recent Western Cape Business News
The Indian delegation will be at the expo exploring possible development projects and partnerships in oil and gas projects across sub-Saharan Africa.
The pavilion is being hosted by EEPC INDIA (formerly the Engineering Export Promotion Council). The organisation has a substantial membership of almost 13 000 Indian engineering companies ranging from large corporates, small to medium-sized business and trading houses. EEPC INDIA has acted as a two-way trade facilitator between India and other foreign companies for close on 60 years.
“In a bid to enhance India’s energy security, India’s government is eager to encourage Indian companies to participate in exploration and production opportunities with local counterparts in the oil and gas sector,” says John Thomson, managing director of Exhibition Management Services, organisers of the expo.
“There is an urgent need for countries in sub-Saharan Africa to form partnerships - India is an excellent candidate for this - in order to advance the oil and gas industry across the region. “EEPC India’s presence at the Oil & Gas Africa expo will provide significant opportunities for collaboration with both exhibitors and visitors.”
Oil & Gas Africa is a powerful platform for companies to network, gather information, find new customers and suppliers, and secure mutually beneficial partnerships. The expo is an ideal mechanism for boosting India-Africa trade in the oil and gas sectors – both upstream and downstream.
With newly-discovered but unexplored reserves in parts of sub-Saharan Africa, the region can benefit from India’s expertise in all aspects of the industry, from exploration and extraction to refining and processing.
India is the world’s fourth largest oil importer, with oil and gas comprising 45% of its primary energy basket (oil 35% and natural gas 10%). About 78% of India’s petroleum needs are met from crude oil imports, while about 25% of natural gas consumption is also imported. Africa is central to India’s strategy to diversify its oil imports, so the continent is poised to play a major role in the years ahead.
Sub-Saharan Africa provides a key market for India’s booming refined petroleum exports. India exported 50 million tons of refined petroleum products during 2010-2011 valued at about $40-billion. With its refining capacity increasing annually, this figure is likely to reach 70 million tons by 2014, making India one of the world’s major exporters of refined petroleum products.
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