| Apparently, the Indian Oil & Natural Gas Corporation (ONGC) intends to soon become a major player in the Russian oil market. It turned out that Delhi’s plans are not limited to joint participation with Rosneft in the auction for the right to use one of the blocks of the Sakhalin-3 field. In addition, according to Indian Oil Minister Mani Shankar Aiyar, the Russian side invited ONGC to participate in the development of the Vankor field, as well as in projects in the Caspian Sea.
As Mani Shankar Aiyar reported, the Indian government has instructed the state-owned ONGC to negotiate with interested Russian organizations on the development of Sakhalin-3, the Vankor field, now owned by Rosneft, and projects in the Caspian Sea. “Russia has made it clear that it is interested in considering us as partners,” ITAR-TASS quoted the official as saying. And ONGC executive director Subir Raha noted that his corporation is “optimistically considering the possibility of acquiring a stake in Yuganskneftegaz”: “We are conducting relevant negotiations with the Russian government, Gazprom and Rosneft.”
True, such ambitious plans of the Indians may not come true. As a source familiar with the situation told Vremya Novostei, the Russian side is indeed negotiating with ONGC, but the Chinese CNPC still remains the priority partner. Information has already appeared that this company intends to lend Rosneft $6 billion, but this information has not yet received official confirmation. According to the source, negotiations with eastern companies are being conducted by Rosneft managers, and the Russian government is represented by the Minister of Industry and Energy Viktor Khristenko.
Rosneft continues to say that there is no talk of specific agreements. “In the context of our partnership with ONGC (the companies each own 20% in the Sakhalin-1 project. - Ed. ), many ideas arise about possible cooperation in various projects,” notes a company representative. The Ministry of Industry and Energy refused to comment on the Indian company's statements. But another source familiar with the situation believes that such public statements by Indians are nothing more than an attempt to find out Russia’s position.
However, the head of Rosneft, Sergei Bogdanchikov, stated back in October that his company plans to attract a foreign partner to the Vankor project “for a not very large share.” Then the manager said that by 2008, production at Vankor could reach 14 million tons. According to Rosneft estimates, the field's reserves could amount to 200 million tons of oil. It is necessary to invest more than $2 billion in the development of the project. Until recently, the French Total applied for participation in the project. Denis REBROV
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