India will invest close to 4 lakh crore rupees in hydrocarbon sector. New Delhi is looking at expanding its presence across Africa in Hydrocarbon sector to meet the growing energy demand.

It is keen to import of 80 per cent of its crude oil needs to the African Continent and New Delhi is making Investments in that continent on upgrading production, exploration, refining and storage activities of petroleum and petroleum products.

Indian oil PSUs are also been engaged in oil and gas exploration in 24 countries, including Iraq, Iran, Egypt, Russia, Libya, Oman and Australia .An investment of 64,832 crore rupees has been made so far.

Our Correspondent reports that with Africa’s economic development picking up momentum and its energy demands increasing, India investments are bound to make more petroleum products available to both New Delhi and Africa. Over the last two editions, the India Africa Hydrocarbons Conference has played an important role in creating a better understanding of the capabilities of the two countries in the fields of oil & gas.

The conclave has offered immense opportunities to the stakeholders in the hydrocarbon sector. The third edition will focus on to develop a policy and regulatory framework and lead to boosting the cooperation in the fields of capacity building.

Focus will also be on human resource development, transfer of technology research and taking a major step forward in meeting the energy demand in India and Africa.