September 06, 2008

India to secure a major stake in the Sakhalin IV & V oil fields

According to media reports, Mr Murli Deora union petroleum & natural gas minister will be seeking to secure a major stake in the Russian Sakhalin IV and V oil fields during a 3 day visit to Russia from November 25th 2007. He said that India is keen to extend its working relationship with Russia beyond the Sakhalin I project.

It is noted that ONGC Videsh holds a 20% stake in the Sakhalin I project, which supplies 2.4 million tonnes of crude to India every year. It is also teaming up with Rosneft to pitch for the Sakhalin IV project.