India to buy more crude oil from Nigeria

  1. India is set to import more crude oil from Nigeria, already one of the biggest contributors to the country’s oil imports.
  2. Nigeria has now agreed to increase the term contract from 1.7 million tonnes(MT) per annum to 3 MT in 2016.
  3. The benefit of a term-contract is that it ensures quantity as well as a stable price.
  4. Nigeria is the 3rd-largest contributor to India’s oil imports, behind Saudi Arabia and Iraq.
  5. Sudan has offered more oil blocks for exploration and asked for Indian companies’ expertise to raise production from existing fields.
Oil and Gas Sector – HELP, Open Acreage Policy, etc.
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