As a part of India's energy diversification playbook, it may soon secure a long-term crude oil supply deal from Namibia. According to a report by Mint, the development comes against the backdrop of oil discoveries by French oil majors TotaEnergies and Shell Plc.
Recently, Indian Oil Corp (IOC) signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras).
"There has been a huge find in Namibia in February this year. We get some oil from Namibia but not in large quantities. This is a long-term contract that we are looking for as it sequesters us from the vagaries of the global energy markets," an official aware of the matter told Mint.