The consortium may include more Indian state-owned enterprises, but it will take some time for the final deal to close.
“Negotiations are in the very early stages and companies are evaluating the project,” said someone familiar with the development.
Rosneft CEO Igor Setin met with Indian oil minister Hardeep Singh Puri in Russia for an economic forum to discuss the Vostok oil project.
“Igor Setin has taken up Hardeep Singh Puri through the project’s key parameters and their competitiveness,” Rosneft said in a statement Thursday.
Rosneft is discussing an investment in Vostok with several players.
Commodity trader Trafigura owns a 10% stake in Vostok.
The Indian side made no statement about the Vostok talks.
After meeting with Russian energy minister Nikolay Shulginov and executives of a Russian energy company, Puri tweeted Thursday, “We look forward to further strengthening strategic cooperation across the energy sector’s value chain with Russia.” bottom.
Vostok is one of Russia’s largest projects and is expected to produce 115 million tonnes of oil by 2033, according to Rosneft. According to the statement, it consists of 52 licensed areas, including 13 oil and gas fields located within the border, including the Vankor, Suzun, Tagle and Rodokunoe oil fields developed with the participation of Indian partners. I am.
ONGC, Oil India, Indian Oil, and
Vankor owns 49.9% and a consortium of Oil India, Indian Oil and BPCL owns 29.9% in Tasyuriakfield. According to Rosneft, the Vostok project’s resource base is over 6 billion tonnes of sweet crude oil, which has a low sulfur content of 0.01-0.04%.