Indo Africa Summit: Opportunities in Resources: Mining, Oil & Gas

Africa accounted for 4 per cent of global mining and metals deals in 2009 and 8 per cent in 2010. India currently sourced about 16 per cent of its $125-billion worth of oil imports from African nations and the government was keen to step up its oil diplomacy and increase the share to between 20 per cent and 25 per cent in the short term, the official pointed out. Taking its cue from this, overseas investment arm of national oil and gas exploration and production major ONGC Limited, ONGC Videsh Limited (OVL), has been quick off the block to bid for at least six to seven blocks in Uganda.