News Release Details

Indian Oil Corporation, Oil India and Rosneft sign MoU for cooperation in oil exploration & production initiatives in Russian Federation
New Delhi   24-Dec-2015

Indian oil majors, Indian Oil Corporation Limited (IndianOil) and, Oil India Limited (OIL), have signed a Memorandum of Understanding (MoU) with the Russian oil & gas major Rosneft in Moscow today for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore assets in the Russian Federation.

The MoU document was signed in the presence of the Prime Minister of India, Mr. Narendra Modi, and the President of Russia, Mr.Vladimir Putin, by IndianOil Chairman, Mr. B Ashok, OIL Chairman & Managing Director, Mr. UP Singh, and the Chairman of the Rosneft Management Board, Mr. Igor Sechin.

The MoU document lays the foundation for a long-term partnership between IndianOil, OIL and Rosneft. As a first step, the parties have agreed to examine the possibility of cooperation in respect of the Taas-Yuryakh Neftegazodobycha LLC asset. Implementation of the terms of the agreement signed today will give additional impetus to the development of one of the largest oil assets in East Siberia.

The three parties are determined to continue active joint work aimed at implementation of the terms of the MoU.

Under the patronage of the Government of India, IndianOil and OIL are actively collaborating in seeking out and acquiring prospective oil & gas assets overseas to boost the country’s oil & gas equity and energy security.