ONGC Videsh Ltd and Russia's Rosneft in pact to explore oil, gas

NEW DELHI: ONGC Videsh Ltd ( OVL), the overseas arm of the state-run explorer ONGC has signed a deal with Russia’s largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic.

The parties will consider forming a consortium led by Rosneft and involving other partners, an official statement said.

“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 statement issued by ONGC said.

The memorandum of understanding was signed by Igor Sechin, president and chairman, Rosneft, and Dinesh Kumar Sarraf, chairman ONGC Videsh, at the St. Petersburg International Economic Forum in the presence of Russian President Vladimir Putin.