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Russian, Indian oil companies sign memorandum on joint operations

December 11, 2014, 20:00 UTC+3 NEW DELHI
The sides plan joint efforts in the areas like exploration, production and transportation of oil and gas, technologies, and the increase of oil recovery from deposits
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© ITAR-TASS/Dmitry Rogulin

NEW DELHI, December 11. /TASS/. Russia’s government-owned oil company Zarubezhneft and the Indian company Oil India Limited have signed a memorandum on joint operations, Sergey Kudryashov, Zarubezhneft president told reporters on Thursday.

“We signed a memorandum on joint activities in the continental areas and on the use of our drilling ships on the continental shelf,” he said.

The sides plan joint efforts in the areas like exploration, production and transportation of oil and gas, technologies, and the increase of oil recovery from deposits, Zarubezhneft said in a release for the media.

In another important move, the two companies agreed to tap and assess potential projects in India, Russia and in third countries. A joint workgroup will be set up to coordinate these projects.

As of 2002, Zarubezhneft has been doing repairs of oil wells belonging to the Indian oil and gas corporation ONGC.

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