India in talks with Russia for $2-3 bn investment in upstream oil assets

Tie-ups in Arctic projects also being evaluated

India is in talks with Russia for a fresh investment of at least $2-3 billion in its upstream assets. According to officials in the know, the Russian government has offered some oil and gas fields to ONGC Videsh (OVL) and any consortium they stitch together.

A possible investment by India into the prolific, but contentious, oil and gas exploration projects within the Arctic Circle is also being discussed.

“This will be for exploring and producing oil and gas in Russia. While the project and scope have not been finalised, talks have begun and the Russian government has offered some fields,” a senior