Ties with Russian oil firm to fuel India’s energy sector

The Dollar Business Bureau

Rosneft, Oil India and Indian Oil Corporation (IOC) vow for their long term partnership in developing one of the largest greenfields of East Siberia

  Russian oil major Rosneft has signed agreements with Indian oil and gas majors ONGC Videsh, Oil India, and Indian Oil Cooperation (IOC) to jointly undertake oil exploration and hydrocarbons production activities. The fresh deals that came after Prime Minister Narendra Modi’s visit to Moscow are expected to strengthen India’s position in the energy sector with the engagement of its public sector units in oil exploration overseas. Rosneft has entered into an agreement with Oil and Natural Gas Corporation Limited (ONGC) Videsh to carry out geologic survey, exploration and production of hydrocarbons activities. The two companies have also agreed to explore the possibility of expanding their partnership in developing perspective Rosneft projects in East Siberia. “We appreciate the pragmatic approach of our Indian partners, demonstrated within the preparation of the implementation of this high-scale deal, which will bring the cooperation between Russia and India, both in the corporate and intergovernmental sectors, to a whole new level,” said Igor Sechin, Chairman, Rosneft. The Russian oil firm also signed MoUs with Oil India and Indian Oil Corporation (IOC) to cooperate in geologic survey, exploration and production of hydrocarbons onshore the Russian Federation. With the new agreements, Rosneft, Oil India, and Indian Oil Corporation (IOC) vow for their long term partnership in developing one of the largest greenfields of East Siberia. “As a first step the parties have agreed to examine the possibility of cooperation within the Taas-Yuryakh Neftegazodobycha LLC asset. The parties are determined to continue active joint work aimed at implementation of the terms of the signed memorandum,” Rosneft said in a statement. Meanwhile, Indian utility firm Tata Power has also signed a pact with the Ministry for Development of Russian Far East to explore investment opportunities in the energy sector. As part of the agreement, the Russian Ministry will support Tata Power by facilitating conversations across federal and regional authorities, state-owned companies and the private sector in Russia. The two countries are also negotiating some more acquisitions in the hydrocarbon sector.  

December 28, 2015  | 06:15pm IST