Indian ONGC seeks participation in Russias shelf extraction.

By bne IntelliNews August 23, 2012
Indian state Oil & Natural Gas Corporation (ONGC) is holding negotiations for participating in Rosneft's shelf extraction projects, reports citing the Times of India. ONGC seeks to participate in one of three arctic shelf projects, in which ExxonMobil (USA), ENI (Italy) and Statoil (Norway) already hold 33% shares, respectively, the other 67% held by Rosneft. Indian company reportedly seeks to acquire part of Rosneft share, or 33% or smaller stake in any of the future 12 shelf extraction projects announced, admitting insufficient expertise for this kind of extraction projects. Rosneft and Gazprom hold state monopoly for offshore extraction.

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