Gazprom Neft, ONGC to cooperate in offshore oil projects

ONGC and Gazprom Videsh Ltd. will exchange the best technical, production, and commercial practices. Source: Reuters

ONGC and Gazprom Videsh Ltd. will exchange the best technical, production, and commercial practices. Source: Reuters

The companies will share expertise in Sakhalin and the Arctic.

Russia’s Gazprom Neft and India’s ONGC Videsh Ltd. have signed a memorandum of understanding (MoU) to cooperate in offshore oil projects in Russia and other parts of the world, the companies said in a press release on March 30.

The MoU was signed on the sidelines on the ‘Arctic: Territory of Dialogue’ forum that is taking place in the Russian city of Arkhangelsk.

“The parties have expressed their intent to exchange the best technical, production, and commercial practices regarding field development in the Arctic and on Sakhalin Island, as well as to explore possible use of these at licence blocks owned by Gazprom Neft,” the press note read. “The memorandum envisages a study on both companies’ individual experience in conducting geological prospecting and hydrocarbon production at offshore fields in the regions of mutual interest for both companies.”

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