India estimates that it will consume 70% more energy by 2030 and although it seeks to generate energy through other sources such as nuclear, coal, and renewable sources, about 60% of this will be from oil and natural gas. Speaking at the 3rd OPEC International Seminar in Vienna , Petroleum Minister Murli Deora said that increasing oil prices has caused an extra burden of USD 21 billion on India thus denying funds to widen programs in primary education, improving maternal health, eradicating poverty and hunger, and reducing child mortality. Deora predicted that over a period of time, more countries will try to move away from dependence on oil and natural gas.
Deora emphasized that India is committed to providing affordable cooking fuels and energy to poorer sections of society as it substantially and positively affects quality if life for rural population and betters their health. Faced with ever increasing oil prices, India has accelerated its efforts to explore domestic oil and gas, commercialization of alternative fuels, reorientation in energy mix, acquisition of overseas oil fields, etc.
On the sidelines, Deora also held bilateral meetings with representatives Nigeria , Qatar , and Iraq .
India wants to increase volume of crude oil import from Nigeria on term contract basis and apparently Nigerian officials have agreed to this request as and when additional volumes become available. Nigeria wants Indian investment in downstream oil sector and India has agreed to fast track the agreement between Indian Oil Corporation Limited and Nigeria to set up a refinery.