ONGC interest in Sea of Okhotsk

India’s Oil and Natural Gas Corporation is holding negotiations with Rosneft on the joint development of offshore projects in the Sea of Okhotsk. Russia’s Deputy Energy Minister Yury Sentyurin indicated at a conference that the government has proposed that ONGC consider acquiring an interest in the field Magadan-2.

As noted by analysts, if Rosneft manages to implement its current modus operandi with investors in new projects, the state-owned Indian corporation will assume all the costs relating to the development of the project. If the project turns out to be unsuccessful, only ONGC will lose out.

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