“Both parties intend to work together in areas such as the exploration, production and transportation of hydrocarbons, technological cooperation, the introduction of enhanced oil recovery (EOR), and the education and training of personnel,” the statement read.
Oil India, one of India’s largest government-owned hydrocarbon exploration and production companies, and Moscow-based Zarubezhneft, which specializes in oil and gas projects outside of Russia, vowed to “unite potentials” and explore possible projects in India and Russia, as well as third countries.
Addressing journalists in New Delhi, Zarubezhneft CEO Sergei Kudryashov stated that both sides are currently looking into cooperating on Indian onshore fields.
Kudryashov is currently in India as part of a delegation accompanying Russian President Vladimir Putin on his official visit to the country. Several agreements within the energy sector have been signed between the countries during the course of the Russian president’s visit, including a 10-year oil delivery contract.