Gulf Oil and Gas accountACCOUNT

Russia Invites ONGC to Buy Stake in Madagan 2 Field

Source: Reuters 10/14/2012, Location: Asia

Russia has invited India's Oil and Natural Gas Corp Ltd to consider buying a stake in the Madagan 2 field operated by Rosneft in the northern part of the Sea of Okhotsk.

India, which imports about 80 percent of its oil needs, is on the hunt for supplies to power its near-$2-trillion economy, while Russia is keen to tap its vast offshore reserves.

"We have suggested that ONGC look at (investing in) Madagan 2," Russian Energy Deputy Minister Yury Sentyurin told reporters on the sidelines of energy conference Petrotech.

He said he had made the proposal to Indian oil ministry officials at the India Russia Joint Working Group meeting on Saturday.

The New Delhi government has told state firms to secure energy assets overseas as the country's own output is well below demand in an economy expected to grow 6.5 percent this year, and already suffering hefty power shortfalls.

Sentyurin added that the size of any possible stake was up for negotiation.

D. K. Sarraf, Managing Director of ONGC Videsh Ltd, the overseas investment arm of ONGC, confirmed that the company has viewed data relating to the field.

Russia granted exploration licenses for five areas in the Sea of Okhotsk - Magadan-1, -2 and -3, Lisyansky and Kashevarovsky - to Rosneft without bidding at the end of last year.

Recoverable resources in the area are estimated at 2.8 billion tonnes of oil equivalent, according to Rosneft's annual report.

Rosneft recently teamed up with Norway's Statoil in four new joint ventures, including exploring the Magadan 1, Lisyansky and Kashevarovsky license blocks, with prospective recoverable resources at more than 1.4 billion tonnes.

ONGC already has a stake in Russia's Sakhalin-1 oil and gas project in the Pacific, and in 2008 it bought the Imperial Energy oil company in western Siberia.

Acquisitions and Divestitures News in Russia >>

United Kingdom >>  8/22/2019 - Reabold Resources is pleased to announce that it has increased its investment in Rathlin Energy (UK) Limited (Rathlin), the operator of the West Newto...
United States >>  8/22/2019 - 88 Energy Limited (88 Energy) provides the following update related to the farmout process for its conventional prospect portfolio at Project Icewine,...

Brazil >>  8/18/2019 - BW Offshore (BWO) has announced that The Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) has granted BW Offshore status as oper...
Morocco >>  8/18/2019 - Announcing its unaudited results for the six months ended 30 June 2019, Genel Energy said that, on the Sidi Moussa block offshore Morocco (Genel 75% w...

Brazil >>  8/8/2019 - Petrobras has started the teaser for the sale of all its stakes in 11 shallow water production fields in the Campos Basin, jointly known as Polo Garou...
Kuwait >>  8/7/2019 - Kuwait's Petrochemical Industries Company (PIC) has acquired 49 percent of operations of South Korean SKC, and the two firms agreed to establish a joi...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 |

Oil & Gas Projects in Russia >>

More News

Related Links

Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.