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Indian consortium eyeing participation in Rosneft’s Vostok Oil project — newspaper

Companies have already completed the technical assessment for 30 out of 52 license areas

MOSCOW, November 22. /TASS/. An Indian consortium of ONGC Videsh Ltd (OVL), Indian Oil Corp Ltd (IOCL) and Oil India Ltd (OIL) is considering participation in the Vostok Oil production project of Russian oil and gas major Rosneft. Companies have already completed the technical assessment for 30 out of 52 license areas, India’s Mint newspaper says, citing sources.

"The consortium of state-run ONGC Videsh Ltd (OVL), Indian Oil Corp Ltd (IOCL) and Oil India Ltd (OIL) has completed the technical evaluation of 30 out of 52 license areas of the project," the newspaper says, citing a source familiar with the situation.

"The talks are at a preliminary stage. For Vostok, the technical evaluation for 30 license areas has been done. How much participatory interest will be taken will be based on evaluation based on technical data. It depends on how much is recoverable. Once the reserves match with the operator’s numbers, then the commercial evaluation will happen," one of the sources told the newspaper.

"Rosneft is negotiating entry into the [Vostok Oil] project with a number of potential partners, including a consortium of Indian companies. We will inform you about the results of this work in a timely manner," a spokesperson of Rosneft told Mint.

India is also considering an opportunity of investing into the Arctic LNG 2 project of the Russian gas producer Novatek, the newspaper added.

Rosneft initiated implementation of the Vostok Oil project in Arctic Russia in 2020. The project comprises 52 license areas comprising 13 oil and gas fields. Production of hydrocarbons in the project can start in 2024.

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