NEW DELHI, November 28 (RIA Novosti) - India's largest Oil and Natural Gas Corporation (ONGC) is considering implementing about 20 investment projects in Russia, the company's managing director said Monday.
Speaking on the eve of his visit to Russia this week, Subir Raha said the company's investment in the Sakhalin-I oil and gas project to develop oil and gas fields on the northeast shelf of Russia's Sakhalin Island was just the beginning.
Raha said the company is currently considering about 20 oil and gas projects in the Russian Far East, the Siberia, northern and southern Russia.
ONGC holds a 20% stake in the Sakhalin-1 project, in which it has invested $2.7 billion. The project's other operators include Exxon Neftegaz Limited (a 30% stake), Japan's Sodeco (30%) and the Russian state-owned oil company Rosneft (20%).
The potential for investment in the Russian oil and gas sector amounts to about $25 billion, given a consortium with another Indian company. But the real scope of investment depends on the terms of cooperation to be offered, Raha said.
ONGC would like to bid for Sakhalin-III new deposits with Rosneft and natural gas monopoly Gazprom as its key partners, he said.
According to Raha, ONGC is only studying the business details of potential agreements, but the company's plans are supported by the Russian and Indian governments.
