Oil and Natural Gas Corp (ONGC) is interested in exploration in the Arctic offshore region even as the possibility of pumping Russian hydrocarbons by pipeline to India is considered by both nations.
A joint statement, issued after Russian President Vladimir Putin hosted Prime Minister Manmohan Singh in the Kremlin, said ONGC Videsh Ltd, the overseas arm of the state explorer, "expressed interest in participating along with Russian companies in exploration for hydrocarbons in the Arctic region."
OVL already has a 20 per cent interest in the Sakhalin-1 oil and gas project in Far East Russia and owns Tomsk-based Imperial Energy.
"Both sides also agreed to explore the possibilities of direct transportation of hydrocarbons from Russia to India through the land route. The sides agreed to set up a Joint Study Group in this regard," the statement said.
Also, the two sides agreed on the significance of supplying Russian liquefied natural gas (LNG) to India.
Russia's Gazprom has in recent months signed deals with Indian firms to supply LNG by ship.
"The sides noted the importance of cooperation in order to organise long-term supplies of hydrocarbons to India from Russia, conducive to strengthening India's energy security and diversification of energy exports from Russia through LNG supplies to India.
"The sides expressed satisfaction with the dynamic development of cooperation between JSC Gazprom and Indian companies to organise long-term supplies of LNG to India from the Gazprom Group portfolio," it said.
The two nations reaffirmed their commitment to implement the December 2010 agreement on the Enhancement of Cooperation in Oil and Gas Sector.
