Dr. Deora said the country’s partnership with Nigeria will ensure that green field refineries are established in Nigeria. He said his country is seeking to expand its purchase of Nigeria’s sweet crude which currently stands at 400,000 bpd, amounting to about $10 billion annually.

The India minister said that an Indian oil and gas conglomerate ONGC Mital Energy Limited is willing to commit $350 million into the development of two oil blocs (OPLs 279 and 285) in Nigeria’s upstream sector.

Nigeria is currently India’s largest trading partner in Africa as far as oil and gas business is concerned with potential for more growth. At the moment it is importing about 400 million barrels, most of which are on spot basis from Nigeria.

Providing further explanation on the deal, Group Managing Director of ONGC R.S. Sarma stated India already have a refinery of about 180 million tons and about 25 per cent of Indian import is from Nigeria alone. At the current value, it will be worth $10 billion from Nigeria alone.

“We will like to have more Nigerian crude in terms contract basis. Some Indian companies are already playing in Nigeria upstream sector. We will like to consider opportunities in Nigeria upstream sector. India has the capacity to work with Nigeria in the midstream and downstream,” Sarma said.