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

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


Tie-ups in Arctic projects also being evaluated

Topics


ONGC oil assets | Russia | ONGC


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 …

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