ONGC, Rosneft Ink MOU to Cooperate on E&P in Russia's Offshore Arctic
India's state-owned Oil and Natural Gas Corporation Ltd. announced Saturday that Igor Sechin, president and chairman of the Management Board, Rosneft and Dinesh Kumar Sarraf, chairman of the Board of Directors, ONGC Videsh Ltd. and chairman & managing director, ONGC signed a Memorandum of Understanding at the St. Petersburg International Economic Forum, in the presence of Vladimir Putin, president of the Russian Federation. The Memorandum paves the way for the companies’ cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic. The parties will jointly consider forming a consortium led by Rosneft and involving other partners.
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India. It is India’s largest oil and gas exploration and production company outside India. At present, ONGC Videsh has activities in 33 projects spread across 16 countries. ONGC Videsh and Rosneft are partners in the Sakhalin-I oil and gas project in the Russian Federation.
ONGC is India’s largest government-run corporation and produces about 70 percent of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $60 billion. The Indian government holds a 68.94 percent stake in ONGC.
WHAT DO YOU THINK?
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.
- India Tells State Oil Firm ONGC to List Overseas Unit (Aug 21)
- India's ONGC Videsh to Spend Over $3 Billion on Iran Gas Block (Apr 04)
- India Clears ONGC's Extra 11% Stake Buy in Russia's Vankor Fields (Oct 05)
Company: Rosneft more info
- US Transparency Reversal Stings Canadian, European Oil Firms (Feb 03)
- ONGC Videsh Inks Deal with Rosneft to Up Stake in Russia's Vankorneft (Sep 15)
- Rosneft Makes Discovery at Wild Orchid Gas Condensate Field Off Vietnam (Aug 12)