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ONGC Videsh, Rosneft sign MoU on exploration on Russian continental shelf
New Delhi, May 24, 2014
The public sector ONGC Videsh Limited (OVL) and Rosneft today signed a memorandum of understanding (MoU) for cooperation in exploration, appraisal and hydrocarbon production on the continental shelf of Russia.
The agreement was signed by Rosneft Chairman Igor Sechin and OVL Chairman Dinesh Kumar Sarraf, who is also the Chairman and Managing Director of the Oil and Natural Gas Corporation (ONGC) at the St Petersburg International Economic Forum in the presence of Russian President Vladimir Putin.
A press release from OVL said the MoU would pave the way for cooperation between the two companies in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic.
The parties will jointly consider forming a consortium led by Rosneft and involving other partners, it added.
OVL is a wholly owned subsidiary of ONGC and is India's largest oil and gas exploration and production company outside India. At present, it has activities in 33 projects spread across 16 countries.
OVL and Rosneft are partners in the Sakhalin-I oil and gas project in Russia.