ONGC seeks stake in Russian oil fields
The country's largest oil producer Oil and Natural Gas Corp (ONGC) has sought stake in big-ticket Russian oil fields, including Sakhlain-3 project, to access one million barrels of hydrocarbon reserves.
By PTI |
NEW DELHI: The country's largest oil producer Oil and Natural Gas Corp (ONGC) has sought stake in big-ticket Russian oil fields, including Sakhlain-3 project, to access one million barrels of hydrocarbon reserves.
Petroleum Minister Murli Deora on Wednesday courted visiting Russian Deputy Prime Minister Alexander Zhukov for ONGC Videsh Ltd, the overseas arm of ONGC, joining hands with Russia's Rosneft in Sakhlain-3 oil and gas fields in Far East Russia and an exploration block in Siberia, official sources said.
Deora also took up ONGC's cause for a stake in Russia's Vankor oil and gas field and Timano-Pechora oil fields.
On its part, Russian gas firm Gazprom wanted to participate in the over $7 billion Iran-Pakistan-India gas pipeline project as a technical consultant in the initial stage and operator of the 2,100-km pipeline at a latter stage.
Sources said firm agreements are likely to be inked when Prime Minister Manmohan Singh visits Moscow shortly.
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OVL already has 20 per cent stake in ExxonMobil-operated Sakhalin-I project, which is to pump 250,000 barrels of oil per day by 2006-end.The firm is eyeing oil fields in East Siberia, which is estimated to hold some 20 billion barrels of reserves. It is also looking at participating in Russian continental shelf, that may contain oil and gas in 4 million sq km of its total area of 6.5 million sq km (largest in the world).
The talks between the two ministers today is believed to have covered issues like participation of OVL in the 3.2 trillion cubic meters super giant gas field Shtokman and Prirazlomneye oilfield, which holds recoverable oil reserves of more than 83 million tonnes.
Sources said OVL was also looking at partnering Rosneft in Sakhalin-3 oil and gas fields in Far East Russia and one more exploration block in Siberia. OVL expects 10-20 per cent stake in Sakhalin-3.
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The two sides also explored the possibilities of direct link for oil and gas import from Russia to India - Possibility of extension of Soviet time pipeline network from Siberia to Turkmenistan, further to India is receiving the attention of experts.State-run gas utility GAIL (India) Ltd and Gazprom shall continue their existing partnership for future rounds of NELP, they said.
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