In a major strategic shift, India is rapidly expanding its energy footprint across Africa as Russian crude imports hit a two-year low. February 2025 saw India’s oil imports from African nations skyrocket to approximately 330,000 barrels per day (bpd), more than doubling from January’s 143,000 bpd, according to Reuters.
This month, Indian Oil Corporation is set to receive two million barrels of Nigeria’s Okwuibome crude, along with one million barrels each from Nigeria’s Akpo and Angola’s Mostarda fields, signaling a significant pivot in India’s energy sourcing strategy.
The shift is further evidenced by substantial new investments. Last month, ONGC approved a $175 million loan for the Area 1 Mozambique Project, where three Indian state-run companies collectively hold a 30% stake. The project targets an impressive 75 trillion cubic feet of recoverable natural gas across major fields including Windjammer, Barquentine, and Lagosta.
In December 2024, BPCL announced plans for approximately $32.9 billion in investments for exploration and production blocks in Mozambique and Brazil, cementing India’s commitment to African energy partnerships.
Nigeria has also emerged as a key focus, with India making a $14 billion investment pledge in 2023 and involvement in chemical and fertilizer plants. Speaking at CERAWeek in Houston last month, ONGC reaffirmed India’s strategy of increasing investments in Africa, the Middle East, and Latin America as part of its diversification efforts.
Source: World Oil
