New Delhi, Aug. 19 (PTI): ONGC Videsh Ltd — the overseas arm of state-owned Oil and Natural Gas Corporation — is eyeing a stake in Russia’s ambitious Arctic Ocean oil and gas projects with ExxonMobil of the US, Italian energy giant ENI and Norway’s Statoil.
On May 4, OVL wrote to Russian state oil company Rosneft, expressing interest in picking up a stake in one of the three joint ventures announced to explore oil and gas beneath Arctic Ocean, sources said. Rosneft has signed separate deals with ExxonMobil, ENI and Norway’s Statoil for three multi-billion dollar projects in coastal seas north of Russia. Under the pacts, the foreign firms get about 33 per cent stake in the joint project with Rosneft and pay for all of the initial exploration cost.
Sources said OVL wanted Rosneft to give a part of its around 67 per cent stake in one of the three projects.
In case Rosneft is not able to accommodate OVL in any of the three projects, the Indian flagship firm wants to join one of the 12 Arctic shelf fields that Russia plans to offer in the near future.