Russia
Recently, the Indian Oil Corporation Ltd (IOCL) and Oil India Ltd (OIL) have signed a Memorandum of Understanding (MoU) with Russian National Oil company Rosneft for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore areas in Russia. As per the MoU, all three oil companies are agreed to examine the possibility of cooperation in respect of the Taas-Yuryakh Neftegazodobycha LLC assets in East Serbia. ONGC Videsh Ltd (OVL)is in talks to raise its stake in Russia’s second biggest oilfield of Vankor.