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Rosneft offers stake in 10 offshore blocks to ONGC Videsh Ltd

07th February 2014

Rosneft has offered ONGC Videsh Ltd (OVL) a share in nine offshore oil and gas blocks in Barents Sea and one in the Black Sea

Rosneft has offered ONGC a stake in nine offshore oil and gas blocks in Barents Sea and the Black Sea

Rosneft has offered ONGC Videsh Ltd (OVL), the wholly owned subsidiary and overseas arm of the Oil and Natural Gas Corporation Limited (ONGC), a stake in nine offshore oil and gas blocks in Barents Sea and one in the Black Sea, the Press Trust of India (PTI) reported.

Panabaaka Lakshmi, Minister of State for Petroleum and Natural Gas, told the Lok Sabha, the lower house of the Parliament of India, that OVL is studying data provided by Rosneft before deciding on its participation in the blocks.

Lakshmi added that "Rosneft, Russian exploration and production company, has offered nine exploration offshore blocks in Barents Sea and one in Black Sea to OVL," she said in a written reply to a question. "At present, OVL is studying the preliminary data provided by Rosneft for identifying the preferred blocks for participation with Rosneft."   

OVL, PTI is keen to get a foothold in the Arctic projects and expand in Siberia and Far East Russia.

M Veerapa Moily, India’s Oil Minister, had revealed in December that Rosneft had offered OVL a share in the Magadan 2 and Magadan 3 exploration blocks in the northern part of the Sea of Okhotsk in eastern Russia.
The area is believed to have about 2.8 billion tons of oil and oil equivalent natural gas.

According to sources, OVL had in May 2012 written to Rosneft expressing their interest in having a share in oil and gas blocks in the Russia's Arctic region, which recently have been dispersed to ExxonMobil, Italy’s ENI and Norway's Statoil for exploration.

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