After Sakhalin-I and Imperial Energy, India is seeking more oil and gas fields in Russia, with Oil Minister Murli Deora pitching for properties in East Siberia, along with Russian Prime Minister Vladmir Putin.
Energy-hungry New Delhi is keen on sourcing one million barrels per day of oil and oil-equivalent gas from Russia, and has identified Sakhalin-3, fields in East Siberia, and Trebs and Titov oilfields in Timan Pechora region for the purpose.
Deora, on a two-day visit to Moscow to further energy ties with a nation that has the largest oil and gas reserves after Saudi Arabia, met Energy Minister Sergy Shemato yesterday evening, and Putin this afternoon.
Officials said he wanted 10-20 per cent stake for ONGC Videsh, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), in the giant Sakhalin-3 oil and gas field in Far East Russia.
Besides, the minister made a case for OVL joining hands with Russian firm Rosneft for exploration and development of some fields in East Siberia. Joint bidding for Trebs and Titov oilfields in Timan Pechora region and Vankor oilfield were also raised, they said.
Inviting Russian companies to invest in new refinery and petrochemical projects in India, Deora also flagged with Putin the approval awaited for OVL's $2.59 billion acquisition of UK-listed Imperial Energy Plc.
Putin heads the Government Commission on Monitoring Foreign Investment in the Russian Federation, which along with Federal Anti-Monopoly Service, is to vet OVL application.
The deal is contingent upon Kremlin's approval as Imperial has assets in Tomsk region of western Siberia. OVL already has 20 per cent stake in Sakhalin-I oil and gas field in Far East Russia.