India signs multiple hydrocarbon agreements with Angola

Petroleum minister, Murli Deora on his second leg of his African tour to secure hydrocarbon assets for the country, signed oversaw the signing of agreements by Indian oil companies with Angola.

After having said that India will invest $350 million in developing two oil blocks in Nigeria this week, besides increasing its engagement in the gas sector, Oil and Natural Gas Corp (ONGC) signed an agreement with Angola state-owned oil firm Sonangol to bid jointly for oil and gas projects in Angola and other African countries. (See: India set for heavy investments in Nigeria's energy sector)

Indian Oil Corp (IOC) has made an offer to build a multi-billion dollar refinery and upgrade two of Angola's existing refineries, while GAIL India has offered to acquire a stake in a planned liquefied natural gas (LNG) plant in Angola as well as securing LNG.

ONGC Videsh Ltd, the overseas investment arm ONGC has signed a memorandum of understanding with Sonagol, the company that manages the hydrocarbon resources in Angola, to bid jointly in the Angola's next round of bidding for oil blocks as well as to collaborate in exploration in other African countries.

Angola has supplied about 43 million barrels of oil to India, which is about 6.5 per cent of Angola's total oil export.