Oil PSUs are scouting for discovered oil and gas fields in Russia as India looks to bolster energy ties with the resource-rich nation, Petroleum Minister Dharmendra Pradhan said Thursday.
Indian PSUs have already invested USD 15 billion in picking up stakes in Russian oil and gas projects like Sakhalin-1, he said at a conference on ‘India-Russia in 21st Century’.
“Our oil and gas PSUs are continuing to explore their participation in more oil and gas projects in Russia. We are working with Russian oil and gas companies for acquisition of quality producing blocks,” he said.
ONGC Videsh Ltd in 2001 bought a 20 per cent stake in the Sakhalin-1 project in Far East Russia. It further bought Imperial Energy a few years later and has recently invested in Vankorneft and TasYuryah along with Indian Oil Corp (IOC), Oil India Ltd and Bharat PetroResources Ltd (BPRL). Read More
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