The consortium is likely to include more Indian state firms, but it will be some time before a final deal is struck.
«Talks are at a very early stage and the companies are evaluating the project», a person aware of the development said.
Rosneft CEO Igor Sechin met Indian oil minister Hardeep Singh Puri, who is in Russia for an economic forum, and discussed the Vostok Oil project.
Rosneft said in a statement:
- Igor Sechin took Hardeep Singh Puri through key parameters of the project and its competitive strengths
Commodities trader Trafigura has a 10% stake in Vostok.
The Indian side did not issue any statement on Vostok talks.
Puri tweeted after meeting Russian energy minister Nikolai Shulginov and executives of Russian energy companies:
Look forward to further strengthening strategic cooperation across the entire value chain of the energy sector with Russia
Vostok is one of the biggest projects in Russia and is expected to produce 115 million tonnes of oil by 2033, as per Rosneft.
It comprises 52 licence areas with 13 oil & gas fields located within their boundaries, including some - Vankor, Suzun, Tagul, and Lodochnoe fields - developed with participation from the Indian partners.
The consortium of ONGC, Oil India, Indian Oil and BPCL owns 49.9% in Vankor while the consortium of Oil India, Indian Oil and BPCL owns 29.9% in Taas-Yuryakh fields.
The resource base of the Vostok project is more than 6 billion tonnes of sweet crude with a low sulphur content of 0.01-0.04%.
Author: Sanjeev Choudhary