“We are (also) looking at supplying crude oil to Indian refineries,” he said, adding that Rosneft produces 200 million tons of crude oil a year. Moscow is courting India to counter moves by the US and Europe to isolate it for annexing Crimea from Ukraine. Sechin was in Tokyo last week to broaden ties with Japan. India does not have a firm contract to import crude oil from Russia. It gets a small volumes once in a while from ONGC’s Sakhalin-1 project in Far East Russia.
Indian officials said logistics need to be worked out to import oil from Rosneft’s fields. “We may have to lay some pipelines to transport the crude. We have decided to form a working group to study how this can progress,” an official said. Of the blocks offered in the Barents Sea, OVL found five were not lucrative. Of the remaining four, it would like to participate in two. It will decide on the other two once Rosneft makes available data by June. Rosneft had previously offered ONGC a stake in the Magadan 2 and Magadan 3 exploration blocks in the northern part of the Sea of Okhotsk, which the Indian firm is studying. (PTI)