Russian, Indian oil companies agree to cooperate on hydrocarbon exploration

Dec 11, 2014 12:00 AM

Oil India and Moscow-based Zarubezhneft vowed to “unite potentials” and explore possible projects in India and Russia, as well as third countries. They will cooperate in areas such as the exploration, production and transportation of hydrocarbons.

Indian energy company, Oil India Limited and Russia’s Zarubezhneft have signed a memorandum of understanding, agreeing to cooperate on hydrocarbon exploration and production in both countries, Zarubezhneft said in a statement published on its official website.

“Both parties intend to work together in areas such as the exploration, production and transportation of hydrocarbons, technological cooperation, the introduction of enhanced oil recovery (EOR), and the education and training of personnel,” the statement read.

Oil India, one of India’s largest government-owned hydrocarbon exploration and production companies, and Moscow-based Zarubezhneft, which specializes in oil and gas projects outside of Russia, vowed to “unite potentials” and explore possible projects in India and Russia, as well as third countries.

Addressing journalists in New Delhi, Zarubezhneft CEO Sergei Kudryashov stated that both sides are currently looking into cooperating on Indian onshore fields.

Kudryashov is currently in India as part of a delegation accompanying Russian President Vladimir Putin on his official visit to the country. Several agreements within the energy sector have been signed between the countries during the course of the Russian president’s visit, including a 10-year oil delivery contract.

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