India Looks at Canada for Oil, LNG

India is seriously looking to source energy products like crude oil and LNG from Canada in order to diversify its energy source, reports Press Trust of India quoting country’s oil minister M Veerappa Moily.

During an industry event in New Delhi, Moily said India was seeking a long-term supply contract with Canada, adds Press Trust.

"We are keen to engage with Canada for oil and gas and LNG opportunities," he said. "We seriously consider Canada as a destination for investments by our national oil companies." 

Currently majority of India’s energy supplies come from Middle East and the government wants to tap into newer sources.

Financial Express, a business daily, reports that three Indian companies, Indian Oil Corporation, ONGC Videsh and Hiranandani Group have firmed up plans for their Canadian forays, seeking a play across the value chain ranging from crude oil sourcing, acquiring upstream assets and setting up LNG and crude oil terminals.

ONGC Videsh is scouting for oil sand assets, Hiranandani Group subsidiary H-Energy is investing $4.4 billion to set up LNG and crude oil export terminals. IOC will, for the first time, source crude oil from Canada, adds Financial Express.

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