The Hindu Business Line : `Diplomatic moves on to get more oil, gas'

INDIA has launched diplomatic initiatives to secure oil and gas from Gulf, Russia and Africa, the Foreign Minister, Mr K. Natwar Singh, said here on Wednesday.

"We are pursuing new opportunities in Columbia, Cuba, Equador, Trinidad-Tobago, Brazil and Argentina," he said addressing the valedictory function of Petrotech 2005 conference.

"Setting up energy-related engagements by consolidating existing relationships and reaching out to new areas constitutes a special challenge to oil diplomacy. India is well-placed in respect of the principal sources of global supply," he said.

India's success in securing oil and gas properties in 10 countries including Sudan, Russia, Vietnam, Iran and Myanmar came in for special mention from the Foreign Minister.

India's historic links with the Gulf region are being renewed while Russia's pioneering role in setting up India's oil and gas infrastructure in the past is being used as a stepping stone for expanding investments there.

"Africa, the third principal petroleum source, provides a special opportunity to us. We have had traditional ties with Africa, having participated in its anti-colonial struggle. Now, with the emergence of African countries as major petroleum producing states, the challenge before us is to build upon the goodwill that already exists," he said.

"The challenge before the Ministries of External Affairs and Petroleum is to engage in a deeper diplomatic dialogue with the principal African countries so that the traditional goodwill is leveraged into long-term energy-based engagement," he noted.

With its domestic output on the decline and no discovered large fields on the horizon, the Government is encouraging public sector oil firms to invest over $1 billion annually in acquiring overseas petroleum assets to meet its crude oil requirements, 70 per cent of which is import-dependent.

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