Minister: Russia Offers Stake in 10 Exploration Blocks to India's ONGC

Article title
Rosneft offers stakes in 10 exploration blocks to India's ONGC, according to the southern Asian country's junior oil minister.


NEW DELHI, Feb 7 (Reuters) – Russia's Rosneft, the world's largest listed oil company by output, has offered stakes in 10 exploration blocks to the foreign investment arm of India's Oil and Natural Gas Corp, the south Asian nation's junior oil minister said.

India, the world's fourth-largest oil importer which meets about 80 percent of its crude needs through overseas purchases, is scouting for oil and gas assets abroad to meet rising local demand and to feed its expanding refining capacity.

Rosneft has offered 9 offshore blocks in Barents Sea Offshore and one in Black Sea for joint exploration to ONGC Videsh Ltd (OVL), Panabaka Lakshmi told lawmakers in a written reply on Friday.

"At present, OVL is studying the preliminary data provided by Rosneft for identifying the preferred blocks for participation with Rosneft," she said.

In response to a separate question, Lakshmi said OVL is in the process of acquiring data on oil and gas blocks offered in the latest exploration licensing round in Tanzania, a hotspot for natural gas exploration.

Gas utility GAIL (India) Ltd is also scouting for business opportunities in Tanzania, she said.

(Reporting by Nidhi Verma; editing by Malini Menon)

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours