New Delhi: ONGC Videsh Ltd, the overseas arm of state-owned Oil & Natural Gas Corporation (ONGC), is eyeing stake in Russia's ambitious Arctic Ocean oil and gas projects with US supermajor ExxonMobil and Italian energy giant ENI.
OVL on May 4 wrote to Russian state oil company Rosneft expressing interest in taking stake in one of the three joint ventures announced to explore for oil and gas beneath Arctic Ocean, sources privy to the development said.
Rosneft has signed separate deals with ExxonMobil, ENI and Norway's Statoil for three multi-billion dollar projects in coastal seas north of Russia.
Under the agreements, the foreign companies get about 33 per cent stake in the joint project with Rosneft and pay for all of the initial exploration cost....more
01:13 PM, Aug 21, 2012