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ONGC in talks with Russian cos for buying oil properties

ONGC in talks with Russian cos for buying oil properties
PTI
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First Published: Mon, Mar 22 2010. 05 09 PM IST
Updated: Mon, Mar 22 2010. 05 09 PM IST
New Delhi: State-owned Oil and Natural Gas Corp is in talks with three Russian companies for acquiring oil properties in Russia and CIS region, company chairman and managing director R S Sharma said on Monday.
“We are in discussions with Rosneft, Gazprom and (oil-to -telecoms group) Sistema,” he told reporters on the sidelines of the 6th Asia Gas Partnership Summit here.
One of the properties under discussion is Sakhalin 3 project in Far East Russia, he said but declined to name other fields.
“We would not like to comment any further,” he said.
During the visit of Russian Prime Minister Vladimir Putin earlier this month, Moscow had ignored demand by ONGC for stake in fields in Far East and East Siberia but was willing to consider the Indian firm in Arctic peninsula of Yamal.
The Indian firm, however, was not excited by the Yamal offer and preferred stake in Sakhalin-3 and Vankor oil fields. Sources said ONGC wants to source one million barrels per day of oil and oil-equivalent gas from Russia, and has identified Sakhalin-3 in Far East, Vankor in East Siberia, and Terbs and Titov oilfields in Timan Pechora region for the purpose.
But Russia has so far not obliged India on these fields. Instead, it said Indian firms were welcome to join Russian gas monopoly Gazprom OAO in the Yamal Peninsula. Yamal Peninsula, however, is ranked low in ONGC’s priority as fields in would require huge investment. Besides, these were mostly gas while ONGC was keen on oilfields.
ONGC Videsh Ltd, the overseas investment arm of the state explorer, has 20% stake in Sakhalin-1 oil and gas field in Far East Russia and in 2008 acquired Imperial Energy Plc which has fields in Siberia.
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First Published: Mon, Mar 22 2010. 05 09 PM IST
More Topics: ONGC | Oil | Gas | Russia | Rosneft |