India is about to join to the development of the Russian Arctic shelf
Indian “OVL” plans to take part in the production of oil at the Russian shelf in the Arctic. OVL, an investment subdivision of the largest Indian oil-and-gas company “Oil and Natural Gas Corporation (ONGC)”, negotiates on its participation in one of the projects of Rosneft. American “ExxonMobil”, Italian “ENI” and Norwegian “Statoil” also take part at the project, RIA PrimaMedia states, citing Indian newspaper “Times of India”.
In case of a refusal, OVL will agree to participate in 1 of the 12 future projects, where it is ready to get the standard for foreign partners shares at 33%. Rosneft’s projects in the Arctic consider operations at licenced sites in the Barents and Okhotsk Seas. The drilling of appraisal wells is planned in 2019-2020. The total investments into the Arctic projects may make up $250-400 billion. The oil resources in these parts of the Arctic can reach 160 billion barrels, Business-TASS reports.
As the edition writes, participation of OVL in the Arctic project is aimed at further participation in the development of oil-and-gas deposits in Siberia and Russian Far East. At present ONGC takes part at “Sakhalin-1” and owns 30% there.
This year Russia and India have celebrated the anniversary of diplomatic relations. A ceremony, dedicated to a 65-years anniversary of the Russian-Indian diplomatic relations, took place in the Embassy of Russia in New Delhi.
translated by Iraida Idiyatova
