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India to demand stake in Sakhalin-III project

ONGC Videsh already has 20 per cent stake in Sakhalin-1 project that will give India 2.4 million tonnes oil a year.

india Updated: Jan 24, 2007 15:51 IST

India will demand a stake in Sakhalin-III project in Far East Russia on Thursday when Petroleum Minister Murli Deora meets visiting Russian President Vladimir Putin.

"We will demand partnership in the Sakhalin-III project," Deora told reporters in New Delhi.

ONGC Videsh already has 20 per cent stake in Sakhalin-1 project that will give India 2.4 million tonnes oil a year.

"We are very keen on extending the Sakhalin-I partnership and hope Putin will oblige us," he said but did not indicate the quantum of stake he will bargain for ONGC Videsh Ltd.

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

India also wanted OVL to form a 49:51 joint venture with either Rosneft or Russian gas monopoly Gazprom to pursue other oil and gas exploration opportunities in Russia.

Deora said 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. "I will try me best to impress Putin on the issue when I meet him tomorrow afternoon," he said.

OVL is eyeing oil fields in East Siberia that holds some 20 billion barrels of reserves. It is also eyeing the Russian continental shelf that may contain oil and gas in 4 million sq km of its total area of 6.5 million sq km.

OVL's participation in the 3.2 trillion cubic metres super giant gas field Shtokman and Prirazlomneye oilfield is also likely to figure during discussions.

First Published: Jan 24, 2007 15:51 IST