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ONGC Videsh aims to double its investment in Africa over the next three-four years, Managing Director NK Verma said recently.
Addressing the India-Africa Business Forum, Verma said: “ONGC Videsh has invested around $8 billion in Africa so far. We aim to double this over the next three-four years. We are willing to invest in both upstream and downstream projects, but there is a need to resolve the prevalent challenges to spur investment growth.”
ONGC Videsh is currently scouting for oil & gas opportunities in Angola, Algeria and Equatorial Guinea.
“We need adequate compensation to invest in Africa, due to the low oil prices and geographical risks,” he added.
Speaking at the event, Inoge Wina, Vice-President of Zambia, said Africa would benefit immensely from Indian energy companies setting up operations in the continent.
She assured Indian firms that an environment enabling them to thrive would be provided.
Obeth Kandjoze, Minister of Mines and Energy, Namibia, said the focus of Namibia was on developing domestic power generation plants.
He said his country would offer foreign investors “liberal policies, repatriation of capital, level playing field and access to foreign exchange.”
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