India seeks increase in crude oil supplies from Angola

India today sought an increase in crude oil supplies on term contracts from Angola and evinced interest in exploring oil and gas in the African nation.

Petroleum Minister Murli Deora, in his meeting with his Angolan counterpart Jose Botelho de Vasconcelos on sidelines of the Petrotech-2010 oil and gas conference here, sought liquefied natural gas (LNG) supplies to meet rising domestic energy needs.

"In our bilateral meeting with Angolan Oil Minister, we sought to source more oil on term contract," Petroleum Secretary S Sundareshan told reporters here.

Currently, India imports 5 million tons a year of crude oil from Angola on term or fixed tenure contract. Total imports from Angola are nine million tons.

"We also expressed interest in participating in exploration rounds in Angola," he said, adding India was also interested in getting a share of LNG that Angola is seeking to produce in near future.

Also, state-owned Indian Oil Corporation (IOC) is exploring options of setting up an oil refinery in Angola, he said, adding India is keen to bid for oil blocks in the next Angolan auction.