NEW DELHI: With a view to deepening energy ties with Africa, Petroleum Minister Dharmendra Pradhan discussed issues related to existing investments and further expansion in areas of oil and gas in Mozambique.
Pradhan, during visit to Africa from April 9-10, sought to ensure that contracts involving Indian companies that have invested billions of dollars in Mozambique are finally completed. Three Indian PSUs — ONGC Videsh, Oil India Ltd and Bharat Petroleum — have already invested in a gas block (Rovuma Area 1 in offshore Mozambique). This is one of the largest investments by India in any single hydrocarbon asset abroad.
ONGC’s giant gas field in Mozambique holds 45 to 70 trillion cubic feet of recoverable reserves, 28 per cent more than the minimum estimated resources when it invested $4.12 billion.
ONGC Videsh, the overseas arm of ONGC, bought a 16 per cent stake in the offshore Rovuma Area 1 over the past one year.
Besides meeting his counterpart Minister of Mineral Resources and Energy, Pedro Couto, Pradhan also met Foreign Minister Baloi and called on Prime Minister Agostino Rosario.
During the meetings, the two sides discussed all issues related to the existing investment as well as ways to expand the relationship in other areas of oil and gas. It was agreed that there is scope for expanding cooperation in several areas of mutual interest, the Petroleum Ministry said.
While laying down a road map for India’s energy security on March 27 during his address at the Urja Sangam, Prime Minister Narendra Modi spoke about deepening the country’s energy partnerships in Africa.