The Hindu : National : We will seek a stake in Sakhalin-III project

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Thursday, Jan 25, 2007
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National

National

We will seek a stake in Sakhalin-III project

Sujay Mehdudia

Deora hopes Putin will oblige with the request

NEW DELHI: India would demand a stake in the Sakhalin-III project Far East Russia with Russian President Vladimir Putin so as to expand this partnership beyond the project's first phase, Minister for Petroleum and Natural Gas Murli Deora said on Wednesday.

Talking to newsmen, Mr. Deora hoped that Mr. Putin would oblige with the request. "I cannot spell out the percentage of stake that would be demanded, as the matter is still in the negotiating stage. But we want to extend our partnership in this venture further."

Oil and Natural Gas Corporation Videsh Limited (OVL) has a 20 per cent stake in the Sakhalin-I project that would give India 2.4 million tonnes of oil every year.

Mr. Deora said he wanted an agreement between OVL and Russia's Rosneft for joint bidding of the Sakhalin-III project. Also on the discussion table were the Trebs and Titov exploration blocks in Timan Pechora region. For this a partnership with Rosneft would be sought.

India was also keen on OVL forming a 49:51 joint venture with either Rosneft or Russian gas monopoly Gazprom to pursue other oil and gas exploration opportunities in Russia.

Mr. Deora said OVL would seek an agreement with Rosneft for development of the Vankor field, in which Rosneft is seeking new partners, and a stake in the Kurmangazy field. Besides, New Delhi wanted to convert the Sakhalin-I gas into liquefied natural gas (LNG) for shipping it back home. "I will try my best to impress Mr. Putin on the issue when I meet him," he said.

OVL was eyeing oil fields in east Siberia that is estimated to hold around 20 billion barrels of reserves. It was also eyeing the Russian continental shelf that may contain oil and gas on 4 million sq km of its total area of 6.5 million sq km.

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