India, Russia set to sign oil deals

10 December 2014, News Wires – Russia and India are to sign a pair of oil import and joint exploration deals during a visit to New Delhi by Russian President Vladimir Putin on Thursday, according to reports.

India’s Essar Group is to sign a memorandum of understanding with state oil giant Rosneft for a ten-year crude oil import deal, Reuters reported from New Delhi, citing government and industry sources.

Offshore rigState-owned exploration counterparts Oil India and Zarubezhneft are also to sign an initial deal to cooperate in the upstream sector, the report said.

Oil India will reportedly look at hiring Arktikmorneftegazrazvedka’s drillship Deep Venture and seek Zarubezhneft’s help in extracting heavy oil from its Rajasthan block.

None of the companies were willing to comment on the forthcoming agreements, the wire service said.

During the summer, Zarubezhneft and Rosneft signed a memorandum of understanding on joint exploration with state player PetroVietnam.

– Upstream

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