Indian Oil Corporation and Oil India Ltd have signed a memorandum of understanding with Russian national oil company Rosneft for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore areas in Russia.
The MoU document was signed during the visit of Prime Minister Narendra Modi to Russia. In all, 16 agreements were signed between Indian and Russian firms in the field of nuclear energy, hydrocarbon, defence and other sectors.
“The MoU document lays the foundation for a long-term partnership between IndianOil, OIL and Rosneft. As a first step, the parties have agreed to examine the possibility of cooperation in respect of the Taas-Yuryakh Neftegazodobycha LLC asset,” an official statement from IndianOil stated.
“Implementation of the terms of the agreement signed will give additional impetus to the development of one of the largest oil assets in East Siberia,” the statement added.