Russia has disqualified state-run Oil and Natural Gas Corp (ONGC) from bidding for the giant Trebs and Titov fields in northwest Russia, a development that an Indian executive claimed was based on “flimsy” grounds.
Russia’s subsoil agency — Rosnedra — late last month rejected the bid of Nord Imperial, a unit of ONGC’s Russian firm Imperial Energy, on the grounds that it lacked financial capability to develop the Arctic fields. “Nord Imperial had on September 21 submitted an application for qualification to bid for rights to develop the 1.02 billion-barrels Trebs and Titov fields in Timan-Pechora, northwest Russia,” an official with direct knowledge of the bid said.
“The bid clearly mentioned that Nord Imperial will have financial backing and support of its parents — Imperial Energy and ONGC Videsh (OVL),” he said.
