India’s leading oil refiner, Indian Oil Corporation (IOC), is set to receive 3 million barrels of crude oil from Nigeria this month, signaling a strategic energy pivot toward Africa amid declining Russian oil imports.
This is contained in a press statement by the African Energy Chamber on Wednesday, obtained by Energy in Africa.
As India’s imports from Russia fell to a two-year low in February 2025, the country has accelerated efforts to diversify its energy sources.
Data from Reuters reveals that India’s crude imports from African countries surged to 330,000 barrels per day (bpd) in February, more than doubling from 143,000 bpd in January.
IOC is expected to import two million barrels of Nigeria’s Okwuibome crude and one million barrels split between Nigeria’s Akpo and Angola’s Mostarda fields.
“This month, Indian Oil Corporation (IOC), one of the country’s top refiners, is set to receive two million barrels of Nigeria’s Okwuibome crude, alongside one million barrels each from Nigeria’s Akpo and Angola’s Mostarda fields.
“This growing engagement reflects Africa’s strategic position within the G20 framework, as the continent continues to strengthen ties with G20 countries and solidify its role as a key partner in global energy security”, the statement read in part.
The remarkable shift shows Africa’s growing importance as a reliable energy partner for India amid changing global dynamics.
India’s push into African energy markets comes as part of a broader strategy to secure long-term energy supplies.
This includes substantial investments across Africa’s oil, gas, and renewable energy sectors.
The latest report by the International Energy Agency (IEA), reveals that nearly 50% of Nigeria’s LNG exports went to Asia—where India is a major buyer.
Nigeria’s state owned energy company, NNPC Ltd. has encouraged international investors, including Indian companies, to take advantage of new investment opportunities in Nigeria, especially in refining and natural gas.
With India pledging $14 billion in energy investments in Nigeria in 2023, momentum continues to build.
The South Asian giant is already involved in smaller refining and fertilizer projects in the country.
Beyond Nigeria—Africa’s largest oil producer—India’s presence on the continent’s energy landscape is expanding.
Last month, ONGC Videsh—alongside Bharat Petroleum and Oil India—approved a $175 million loan to support Mozambique’s Area 1 LNG Project, which holds an estimated 75 trillion cubic feet of recoverable natural gas.
In December 2024, India’s leading manufacturer of mechanical seals— Sealmatic India Ltd—entered the African market through a strategic partnership with Egypt’s ValueTech.
BPCL has also committed over $32.9 billion to projects in Mozambique and Brazil.
With many African countries launching new licensing rounds, Africa is becoming an increasingly attractive destination for Indian exploration, production, and downstream investment.
