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News // Russia

Russia and India may seal oil field deal in Octobers annual summit

21 September 2018 , 16:08Neftegaz.RU506

New Delhi, September 21 - Neftegaz.RU. According to ET Bureau, India and Russia are expected to conclude a deal during their October 5 annual summit in India to increase Delhi’s investments in Russian oil fields. India is eyeing to develop energy ties as a key pillar of the strategic partnership.

 

Indian hydrocarbon firms, which over the last 2 years have invested in Russia's Vankorneft oil field, are expected to further invest in Vankor cluster, indicated people familiar with the issue. The annual summit between President Vladimir Putin and Prime Minister Narendra Modi is expected to reach a new agreement for additional investments in Russian oil fields.

 

Indian public sector firms have already invested $15 billion in picking up stakes in Russian oil and gas projects like Sakhalin-1. Oil PSUs are scouting for discovered oil and gas fields in Russia.

 

ONGC Videsh in 2001 bought a 20% stake in the Sakhalin-1 project in far east Russia. It bought Imperial Energy a few years later and since 2016 has invested in Vankorneft and Tas-Yuryah along with Indian Oil Corp (IOC), Oil India and Bharat PetroResources Ltd (BPRL).

 

Rosneft has bought a majority stake in Essar Oil for $13 billion. Beginning this year, Russia has started supplying LNG to India under a contract for 2 decades. GAIL has contracted 2.5 million tonnes per annum of LNG from Gazprom for 20 years.

The 2 sides are further exploring opportunities for joint development of Russian on shore oil fields and the Arctic shelf of Russia. Besides, Gazprom and ONGC Videsh could sign a pact on the joint development of projects on the shelf of the Pechora and Okhotsk seas in Russia, according to officials.

 

Addressing an Indo-Russia conference last week, oil minister Dharmendra Pradhan recalled that Soviet oil and gas experts had helped ONGC strike Bombay High in the Arabian Sea in the 1960s and that Soviet technology had also helped in the refining sector in 1960s and 1970s.

 

India and Russia have deeply strengthened their hydrocarbon engagement and built an energy bridge between the 2 nations, the minister pointed out.

 

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