India learns its oil lessons

India’s quest for energy security received a boost last week with its oil diplomacy paying off to varying degrees on more than one continent. In South America, India signed a deal allowing it to participate in a joint venture to drill oil and gas in Venezuela, while in Central Asia, the door was pried open for Indian companies to invest in projects in Turkmenistan. In the same period, New Delhi’s wooing of Africa’s oil-rich nations moved into top gear as it played host to the first India-Africa summit.
India is on a global hunt for new and reliable sources of oil and gas to fuel its rapidly growing economy, with mixed results. It has suffered several defeats in its attempts to clinch oil and gas deals, losing bids in Sudan, Angola, Indonesia, Ecuador, Kazakhstan and Myanmar, often to Chinese companies. It has also scored significantly in buying equity stakes in Russia’s Sakhalin-I project and in Sudan’s Greater Nile project.

“The balance sheet [of India’s oil diplomacy] shows significant setbacks in the past,” the official said. “It is in this context that the developments over the past week must be seen, as these represent a welcome change in fortunes.”

Asia Times