Support The Moscow Times!

Indian Firm Weighs Oil-Field Bid With Rosneft

India's state-run Oil and Natural Gas Corp. has proposed to Rosneft that the two jointly bid for the strategic Trebs and Titov fields in the Arctic north, Vedomosti reported Tuesday.

Rosneft's spokesman declined to comment on the report, but a source in the company said there had been no specific talks with ONGC concerning the highly coveted deposits, the largest to be put up for auction in the last five years.

"Indian companies have being interested in joint projects with Rosneft for a long time, and we are always communicating, but no discussions have reached an advanced stage," he said.

Rosneft vice president Peter O'Brien has said Rosneft has the resources to bid alone for the fields, which the government plans to auction this year at a starting price of 17.5 billion rubles ($586 million).

ONGC has already expressed interest in the oil and gas fields and is now looking into the possibility of bidding jointly with state-controlled Rosneft, Vedomosti reported, citing two sources close to both companies.

ONGC and Rosneft are partners in the Sakhalin-1 project, each with a 20 percent stake in the operating company.

Sakhalin-1 has been producing oil for several years and reached peak production of 11.2 million metric tons in 2007. Current output is 155,000 barrels per day, and is expected to touch 200,000 bpd in the next calendar year.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysiss and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more