Indian Oil Seeks Arctic Drilling Team-up

Barents Observer
Monday, August 20, 2012
Photo credit Rosneft

Indian oil intends to team up with Russia's Rosneft for oil exploration in the Barents & Kara Seas.

ONGC, one of the largest oil and gas companies in Asia, has formally addressed Rosneft with a partnership offer in one of the latter’s Arctic hydrocarbon projects.

In a letter, the ONGC says it would like to team up with Rosneft in one of its international partnerships recently concluded in the Barents Sea and the Kara Sea. The Indian company primarily wants the Russian state company to reduce its 67 percent stake in the projects with respectively ExxonMobil, Eni and Statoil to give room for third partners.

Rosneft is currently about to establish joint ventures with ExxonMobil, Eni and Statoil in the Kara Sea and the Barents Sea respectively.

Alternatively, the ONGC requests a stake in one of Rosneft’s Arctic licenses where international partnerships have not yet been concluded, the Economic Times reports.

The ONGC does not have experiences from the Arctic, but has been engaged in offshore drilling and production since it found the huge Mumbay High field in the 1970s, and now produces about 77 percent of India's  crude oil and around 81 percent of its natural gas. About 74 percent of the company is owned by the Indian state.





 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Offshore

Hercules Offshore Filing for Bankruptcy Again

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Arctic Operations

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Kongsberg Tech for Peruvian Arctic Research Vessel

Kongsberg Maritime has been chosen to deliver an integrated subsea technology systems package including two HUGIN Autonomous Underwater Vehicles (AUV) for a new

Technip Bags Statoil's Umbilical Supply Contract

Technip’s wholly-owned subsidiary Technip Umbilicals Ltd.(1) has been awarded a contract by Statoil ASA to supply the umbilical(2) to the Oseberg Vestflanken 2 field offshore Norway.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0947 sec (11 req/sec)