Bernama cited Mr Sergei Shmatko Russian Energy Minister as saying that, India is interested in taking part in the Sakhalin-3 oil and natural gas project in Russia Far East.

Mr Shmatko also said that many foreign companies, including Indian and Korean companies and British-Dutch oil company Royal Dutch/Shell were interested in participating in the Sakhalin-3 project.

He said that the final decision about partners will be made by gas giant Gazprom.

The Sakhalin-3 project area has prospective reserves of 850 million tonnes of oil and 800 billion cubic meters of natural gas. It includes the Ayashsky, Vostochno-Odoptinsky, Kirinsky and Veninsky blocks.

Licenses for the development of the first three blocks are held by Gazprom while the license to develop the Veninsky block is held by oil major Rosneft.

India is already taking part in the Sakhalin-1 oil and gas project.

(Sourced from Bernama)