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Rosneft and ONGC Videsh Limited sign Memorandum of Understanding (MOU) for cooperation in exploration, appraisal and hydrocarbon production on the continental shelf of the Russian Federation

24 May 2014
Photo: the Presidential Press and Information Office

Sechin, President and Chairman of the Management Board, Rosneft and Dinesh Kumar Sarraf, Chairman of the Board of Directors, ONGC Videsh Ltd and Chairman & Managing Director, ONGC signed a Memorandum of Understanding at the St. Petersburg International Economic Forum, in the presence of Mr. Vladimir Putin, President of the Russian Federation. The Memorandum paves the way for the companies’ cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic.

The parties will jointly consider forming a consortium led by Rosneft and involving other partners.

Background information:

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India. It is India’s largest oil and  gas exploration and production company outside India. At present, ONGC Videsh has activities in 33 projects spread across 16 countries. ONGC Videsh and Rosneft are partners in the Sakhalin-I oil and gas project in the Russian Federation.

ONGC is India’s largest government-run corporation and produces about 70% of  India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about USD 60 billion. The Indian government holds a 68.94% stake in ONGC.

Photo: the Presidential Press and Information Office

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
May 24, 2014

 

 

 

 These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.