Africa’s Energy Potential: Prospects for India
In recent years, Africa has emerged as a hot spot for energy sources. The reopening of the oil sector in Sudan and the oil discoveries in West and Central Africa has made this possible. There is a growing argument that oil breeds instability in the African and other oil-rich developing countries across the world. While oil wealth has led to an increase in conflicts in Africa, particularly in the case of Sudan and Nigeria, the rising energy demand is pushing major US, European, Chinese and Malaysian oil companies to invest in African oil. Similarly, India’s energy security concerns are driving it towards Africa. In fact, India has no option but to turn towards Africa for diversifying its petroleum sources. However, it will have to draw upon its past ties with the oil rich African countries if it has to gain a foothold.
