India to bargain for stake in future Sakhalin projects | india | Hindustan Times
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India to bargain for stake in future Sakhalin projects

India will make a strong plea for Indian firms getting a stake in future Sakhalin projects in Far East Russia when Putin visits New Delhi.

india Updated: Jan 10, 2007 16:53 IST

India will make a strong plea for Indian firms getting a stake in future Sakhalin projects in Far East Russia when Russian President Vladimir Putin visits New Delhi later this month.

With ONGC Videsh Ltd's 20 per cent stake in Sakhalin-I fields fetching the country 2.4 million tonnes of crude per annum, India, which is 73 per cent import dependent to meet its energy needs, will use the visit of Putin to participate in the country's Republic Day celebrations to push for OVL's participation in the Sakhalin-III fields, a top official said.

Sakhalin-I and II projects have already been decided and Russia is planning to invite bids in future for Sakhalin-III, IV, V and VI projects in the vast energy-rich region.

New Delhi wants an agreement between OVL and Russia's Rosneft for joint bidding for the Sakhalin-3 project. Also on OVL radar are the Trebs and Titov exploration blocks in Timan Pechora region, for which a partnership with Rosneft will be sought.

The official said India also wanted OVL to form a joint venture with either Rosneft of Russian gas monopoly Gazprom to pursue other oil and gas exploration opportunities in Russia.

OVL would also seek an agreement with Rosneft for the development of the Vankor field, in which Rosneft is seeking new partners, and a stake in the Kurmangazy field.

Besides, New Delhi wants to convert Sakhalin-I gas into liquefied natural gas (LNG) for shipping it back home. "We want to use the Russian President's visit to push for an agreement on the issue."