The Hindu Business Line : ONGC, Gazprom agree to jointly explore oil & gas fields

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New Delhi Feb. 9 Oil and Natural Gas Corporation (ONGC) and Russia's Gazprom agreed to jointly explore oil and gas fields in India, Russia and third countries. While Gazprom has invited ONGC to participate in eight projects in Russia including oil and gas projects in Eastern Siberia and Far East, ONGC has extended invitation to Gazprom for participation in integrated petrochemicals, liquefied natural gas (LNG) and power projects in India.

A protocol document was signed between the two entities envisaging co-operation in hydrocarbon sector including midstream and downstream projects in India and Russia, and LNG supplies and compressed natural gas (CNG) projects in India. The parties also exchanged views on joint possibilities in the third countries, including Qatar, Myanmar, Libya, Vietnam, Cuba and the CIS.

During the second meeting at Goa of the joint working group, Mr R.S. Butola, Managing Director of ONGC Videsh Ltd (OVL), and Mr. A.I. Medvedev, Deputy Chairman of the Board of Gazprom, inked a protocol document on Thursday.

In a statement issued here today, OVL said the two companies have agreed to expand mutual co-operation in hydrocarbon and power sector.

The parties would sign an agreement on technical and scientific co-operation, exchange of specialists, and staff training shortly. It was also agreed to hold the next meeting of the joint working group in Russia in July 2007. It was also agreed to extend the MoU between ONGC and Gazprom for another two years, the statement said. The MoU between Gazprom and ONGC was signed on February 21, 2005.

The first joint working group meeting was held in April 2006. During that meeting the parties had reiterated agreement on mutual co-operation in Russia and India as well as in the oil and gas projects in West Asia, North Africa, South America and CIS.

Recently, during the visit of Russian President, Mr Vladimir Putin to India, ONGC and Rosneft Oil Company of Russia had inked an MoU to expand their relationship in projects in Russia, India and third countries.

The two countries had also agreed to jointly explore the options for participation in refining and retail marketing projects in India, including integration of other companies in India. ONGC and Rosneft already have a partnership in Sakhalin-I project in Russia.

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