Reports suggest that ONGC Videsh (OVL) is interested in picking up stake in the oil and gas exploration projects in Arctic Ocean and expand in Siberia and Far East Russia.
In this regard, the overseas arm of ONGC has sought a stake from Russia’s state oil company Rosneft in one of the three joint venture projects that the latter is implementing in Arctic Ocean. OVL wants Rosneft to give a part of its about 67 per cent stake in one of the three projects.
Rosneft has signed separate deals with ExxonMobil, ENI and Norway’s Statoil for three multi-billion dollar projects in coastal seas north of Russia.
Contact: ONGC Videsh Ltd
Tel: +91-11-23730368
Email: contact@ongcvidesh.in
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