India’s OVL and Russia’s Rosneft ink pact to explore hydrocarbons

The overseas subsidiary of the state-owned explorer ONGC- ONGC Videsh Ltd (OVL), has struck a deal with Russia’s largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic. The agreement will facilitate the OVL’s cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic. Rosneft is also considering supplying crude oil to Indian refineries.
India does not have a firm contract to import crude oil from Russia. It receives small volumes occasionally from OVL’s Sakhalin-1 project in Far East Russia. OVL has a 20% stake in the Sakhalin-1 oil and gas field in the Russian Pacific Ocean. 

Month: Current Affairs - May, 2014