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Rosneft in Talks With Indian ONGC on Joint Arctic Offshore Projects

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Rosneft and ONGC are considering joint projects in the Arctic waters, the Russian minister of natural resources and environment said Saturday. 18.06.2016, Sputnik International

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Rosneft in Talks With Indian ONGC on Joint Arctic Offshore Projects

08:49 GMT 18.06.2016 (Updated: 09:08 GMT 18.06.2016)

The Barents Sea. - Sputnik International

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Rosneft and ONGC are considering joint projects in the Arctic waters, the Russian minister of natural resources and environment said Saturday.

Global Oil Majors Rosneft, Total in Bid to Enter India's Retail Market

3 June 2016, 16:04 GMT

ST. PETERSBURG (Sputnik) — Russian oil giant and Indian energy company ONGC are discussing joint investment in the Arctic offshore projects.

"I know there have been talks between Rosneft and ONGC on a partnership in [offshore] Arctic projects," Sergei Donskoi said at the International economic forum in St. Petersburg.

The two energy majors signed a memorandum of understanding in March, which opens a way for ONGC to purchase an additional 11-percent stake in Rosneft’s Vankorneft subsidiary. The Indian company has a 15-percent share in Vankorneft.