December 7, 2009 12:54 PM

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India-Africa becoming partner in oil & natural gas

India is seeking a robust partnership with Africa in the oil and natural gas sector. Delivering the key note address at the second Africa-India hydrocarbon summit in New Delhi today, the Union Petroleum and Natural Gas Minister Mr. Murli Deora said that India is a willing partner and ready to contribute to Africa, technology, skills and investment to harness these resources in cost-effective manner.In his special address, the External Affairs Minister, Mr. S.M.Krishna said that several African countries are endowed with rich hydrocarbon resources and India is a good market for them. Our correspondent reports that a rapidly growing economy like India needs more energy to grow.AIR correspondent Manikant Sharma reports that with the sustained economic growth rate of 7 to 8 percent, the demand of energy is on increase in the country. India would need to depend upon 90 per cent oil and 60 per cent gas imports by 2030-2031 apart from nuclear energy. India is currently world's fifth largest consumer of energy and accounts for nearly 3.8 per cent of world's energy consumption. India has recent years invested in exploration and production of oil and gas in Sudan, Nigeria, Libya, Egypt, Gabon, Congo Brazzaville, Nigeria-Sao Tome Joint Development Zone and Equatorial Guinea. It is a big consumer of crude oil from Nigeria, Angola, Egypt and Sudan, to mention just a few African countries. India is also keen to import of LNG from Africa.

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