India woos Russian oil & gas investors | business | Hindustan Times
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India woos Russian oil & gas investors

business Updated: Dec 13, 2010 23:04 IST

India has invited Russia to explore its hydrocarbon reserves as Asia’s third-largest oil consumer seeks less dependence on oil and gas imports and looks to attract more investment in its energy sector.

The government also expressed interest to increase its participation in the development of Russia’s oil and gas reserves.

On Monday, energy officials presented the ninth round of NELP (New Exploration and Licensing Policy) in Moscow, urging Russia to take part in the exploration of 34 hydrocarbon blocks. Bids for the latest auction will close on March 18, 2011.

Russian giant Gazprom received an invitation to co-operate in two upstream gas projects in India from Oil India Ltd.

Alexander Nikiforov, head, Gazprom India, said the company was evaluating the offer.

Oil and Natural Gas Corp was also in talks with Russia’s Bashneft to help the oil firm develop the Arctic Trebs and Titov oilfields, an oil ministry official said.