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India's ONGC wants to team up with Russia’s Rosneft in Siberia

June 19, 2014, 13:26 UTC+3 MOSCOW
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MOSCOW, June 19. /ITAR-TASS/. Indian oil and gas company ONGC has offered joint development of Siberia’s Yurubchenko-Tokhomskoye oil field to Russian state-owned oil major Rosneft, a source familiar with the proposal told PRIME on Thursday.

“This is an upstream partnership initiative,” the source said.

Another source said that the two countries’ energy ministers will discuss the issue at a meeting scheduled for Thursday on the sidelines of the World Petroleum Congress.

ONGC could not be reached for comment, but on Wednesday Indian Oil Corporation CEO Ashok Balasubramanian said that Indian companies want to cooperate with Russian oil companies. Rosneft declined to comment.

Yurubchenko-Tokhomskoye field’s oil reserves amount to 64.5 million tons and 172.9 million tons under C1 and C2 categories respectively, while the field’s gas reserves amount to 387.3 billion cubic meters under C1 and C2 categories. East-Siberian Oil and Gas Company, Rosneft’s branch, is the field’s operator.

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