New Delhi, Oct. 28: ONGC Videsh Ltd (OVL) - the overseas arm of the PSU explorer - is scouting for more oil and gas opportunities in Africa.

"We are looking at investment opportunities in Angola, Algeria, Equatorial Guinea and South Africa. We hope to double our energy output from the investment made in the continent in the next 3-4 years," OVL managing director Narendra K. Verma said at an industry event here today.

He said the company was keen to invest in both upstream and downstream opportunities. "The company needs adequate compensation to invest in Africa because of low oil prices and geographical risks," he added.

OVL has interests in oil and gas assets in Mozambique, Libya, Sudan and South Sudan and has invested around $24 billion in the continent.

Africa has an abundance of renewable resources and India is its ideal partner because the country has the technology, skill and financial capability to harness the resources, Verma said.

Zambian vice-president Inoge Wina, who was also present at the event, said Africa would benefit immensely from Indian energy companies setting up operations in the continent.

Namibia's minister of mines and energy Obeth Kandjoze said his country was focusing on developing power generation plants.

He said Namibia offered a conducive environment for foreign investors with its liberal policies, repatriation of capital, access to foreign exchange, provision of arbitration, fair compensation in case of legal disputes and equal treatment to foreign and local players.

Kandjoze said Namibia was highly dependent on liquid fuel and electricity for the growth of various sectors and the energy deficiency was making the country vulnerable.