Russia to consider granting OVL stake in Sakhalin-3

Russia today said it will consider giving ONGC Videsh (OVL) a stake in its Sakhalin-3 oil and gas project if reserves in the fields were found enough.

"We shall examine the reserves of Sakhalin-3...(and) if there are enough reserves, we will consider Indian participation," visiting Russian Energy Minister Sergey Shmatko told reporters after meeting Petroleum Minister Murli Deora here.

OVL, the overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is keen on 20 per cent stake in Sakhalin-3 oil and gas fields in Far East Russia on top of a similar stake in Sakhalin-1 project.

"ONGC is in discussions with Rosneft/Gozprom for joint participation in Skhalin-3," Deora said.

OVL is keen on joining hands with Russian firm Rosneft for exploring and developing Vankor oilfield in East Siberia. Joint bidding for Trebs and Titov oilfields in the Timan Pechora region of North Russia is also likely to be discussed.

"Vankor is another project of interest to us in Krasnoyarsk region of East Siberia. This project is slated to produce 20 million tonnes annually. I am sure, realising our commitment to invest in far flung areas, the Russian government would favourably consider assigning us a part-stake in Trebs and Titov with established reserves in the Timan Pechora Region," Petroleum Secretary R S Pandey said.

In Kazakhstan, OVL is in talks with Kazmunaigaz for participation in Satpayev block. "We are sure that we would be able to concretise it by the time President Nazarbayev visits India in January 2009," he said. "We are having discussions on participation in some other projects as well in Kazakhstan."