India in Talks with Norway’s Equinor for Oil Reserves: Mint

(Bloomberg) -- India is in talks with Norway’s Equinor ASA for its participation in the country’s strategic petroleum reserves, as well as for long-term liquefied natural gas deals from the company’s US and Qatar portfolios, the Mint newspaper reported.

Securing a commitment from Equinor will mark the second such deal for India after a similar contract with Abu Dhabi National Oil Co., according to the paper, which cited people familiar with the discussions. 

India, the world’s third biggest energy consumer, is also asking Equinor to participate in its exploration and production program, Mint cited an unidentified Indian official as saying. 

State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts, Bloomberg News reported earlier this month. 

The LNG deal with Equinor will help India to fortify future gas imports. IOL had inked a long-term LNG contract with France’s Total Energies to supply 1 million metric tonnes per annum for about 10 years. The country is exploring similar deals with Adnoc, the paper said.

Queries sent by Mint to India’s energy ministry and Equinor were not answered.

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