India’s Petroleum Minister Dharmendra Pradhan is leading a delegation to Mexico and Colombia from Monday to Thursday to foster mutual cooperation in the area of hydrocarbons and to seek long-term linkages for the nation’s energy security.
Pradhan will meet his counterparts as well as leaders of the hydrocarbon industry in both the Latin American countries and going by the delegation comprising Chairman of IndianOil, Managing Director of ONGC Videsh Ltd., and a senior official from Director General of Hydrocarbon shows hat India is keen to explore the possibility of oil cooperation in an area already over-taken by China.
In fact, India is venturing into the Latin American region a decade late, almost 10 years after Chinese companies had set up their offices, bought stake in local petrol firms and even bought exploration licenses in some areas.
The delegation should explore all the possibilities failing which India will be at the beck of the US or China, the two emerging oil monopolies in the world. Else, dependence on the Arab nations or Russia will continue forever.
With a spurt in its energy requirements forcing increased imports, energy partnership with the Latin american and African region requires reinforced attention in the near future.
As of now, ONGC Videsh has 7 oil and gas blocks in Colombia and India imports about 10 Million Metric Ton of crude oil from these two countries.