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OVL keen on buying stake in Russia's Sakhalin block

08 Dec 2011 Evaluate

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), once again expressed interest in taking at least 20 per cent stake in the Sakhalin-3 oil and gas fields and importing liquefied natural gas from Russia.  OVL has been since 2006 raising the issue of stake in the Far East Russian oil and gas fields but Moscow is yet to respond favourably.

OVL is keen on replicating its 20 per cent stake in Exxon Mobil-operated Sakhalin-1 oil and gas fields in the upcoming Sakhalin-3 project. OVL also showed interest in acquiring stake in some oilfields in East Siberia and north Russia. Sarraf made a case for OVL joining hands with Russian firm Rosneft for exploring and developing the Vankor oilfield in East Siberia. Joint bidding for Trebs and Titov oilfields in the Timan Pechora region of North Russia was also discussed.

ONGC Share Price

279.25 -4.70 (-1.66%)
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Peers
Company Name CMP
ONGC 279.25
Oil India 454.40
Jindal Drilling&Inds 535.85
Deep Industries 457.70
Asian Energy Service 297.85
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