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.





 


People & Company News

MN100: Conrad Shipyard

The Company: Conrad Shipyard was established in 1948 and is headquartered in Morgan City, Louisiana. The company designs, builds and overhauls tugboats, ferries,

Why Maritime Museums Matter

With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask,

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

Offshore

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

MISC Enters Thai Offshore O&G Market

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time.

Arctic Operations

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

USCG Evaluates Comms Equipment in Alaska

Coast Guard Research and Development Center evaluates state-of-the-art communications equipment and Next Generation Incident Command System in Alaska   At nearly 663,

Ice Free Arctic?

Arctic melting slowed enough in midsummer that scientists don't expect this year's sea ice minimum to set a new record. This year’s melt season in the Arctic Ocean

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair
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: 0.0929 sec (11 req/sec)