Rosneft eyes more deals with ONGC
Oil has so far remained a big blank in the intense political engagement between India and Russia. Rosneft, Russia’s biggest producer and the world’s largest publicly-traded oil company, is making an effort to fill in that blank by offering stake in its fields to state-run ONGC Videsh Ltd, the overseas acquisition arm of flagship explorer ONGC. OVL stitched a $1.3-billion deal in September to acquire a 15% stake in Rosneft subsidiary Vankorneft that has rights to the Russian giant’s crown jewel—Vankor field—in East Siberia. While the two sides are working out the details of that deal, mainly in segregating infrastructure and wells, Rosneft is actively pursuing OVL to invest in other fields as part of its strategy to find partners for developing new projects amid low crude prices and Western sanctions.