Rosneft and ONGC Videsh Limited signed a Memorandum of Understanding (MOU) yesterday for cooperation in exploration, appraisal and hydrocarbon producton on the continental shelf of the Russian Federation Igor Sechin, President and Chairman of the Management Board, Rosneft and Dinesh Kumar Sarraf, Chairman of the Board of Directors, ONGC Videsh Ltd and Chairman & Managing Director, ONGC signed a Memorandum of Understanding at the St. Petersburg International Economic Forum, in the presence of Mr. Vladimir Putin, President of the Russian Federation. The Memorandum paves the way for the companies’ cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia’s offshore Arctic.
The parties will jointly consider forming a consortium led by Rosneft and involving other partners.
"The memorandum paves the way for the companies' cooperation in subsurface surveys, exploration and appraisal activities and hydrocarbons production in Russia's offshore Arctic," the statement issued by ONGC said.
Rosneft & ONGC