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

Tie-ups in Arctic projects also being evaluated

oil, gas, drill, petrol, crude
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Oil major Rosneft, controlled by the Russian govt, said in February that it had held talks with India and China for an investment in the Vostok Oil project -- considered one of the largest oil projects in Russia

Twesh Mishra New Delhi
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

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First Published: Jul 22 2021 | 12:57 AM IST

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