State-run Oil and Natural Gas Corporation (ONGC) has been offered participation in development of the Trebs and Titov oil and gas fields in northwest Russia and deposits on the Arctic peninsula of Yamal.
Prime Minister Vladimir Putin is in India to execute an agreement with Prime Minister Manmohan Singh in a host of sectors that includes co-operation in the oil and gas sector.
ONGC’s officials said the company had shown keen interest to participate in oil and gas fields like Sakhalin-3 in Far East, Vankor in East Siberia, and Terbs and Titov oilfields in Timan Pechora region. However, Russia has instead chosen to offer Indian firms to join Russian gas monopoly Gazprom in the Yamal Peninsula.But it is ranked low in ONGC’s priority as fields in northwest Siberia require huge investment and these are gas-rich fields that need conversion into LNG and have to be shipped to the Pacific.
Due to its location, LNG from Yamal cannot reach India and ONGC was more keen on oil fields, produce from which can be shipped back home.
OVL already has 20 per cent stake in Sakhalin-1 oil and gas field in Far East Russia and in 2008 acquired Imperial Energy, which has fields in Siberia.
ONGC has already agreed to cooperate with oil-to-telecoms group Sistema, controlled by billionaire Vladimir Yevtushenkov, which controls assets in the Russian republic of Bashkortostan.