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India to Invest in Siberia Oil Exploration

Indian companies will expand their presence in the oil and gas sector in western Siberia’s Tomsk Region. Such investments would also revive the local economy and restore services

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This post first appeared on Russia Insider


India is the world's fourth largest energy consumer, importing 80% of its domestic crude oil and 18% of its natural gas requirements.

Indian investment into Russian oil industry aims to ensure energy security, and allow the country to continue rapid development.

<figcaption>India is seeking energy security</figcaption>
India is seeking energy security

Western companies in Siberia’s Tomsk Region haven't fulfilled license agreements, because of lack of investment. Their assets may now be taken over by Indian investors.

Russia Beyond the Headlines reports:

Indian public and private companies are considering investments in various oil and gas production sites in the Tomsk region of Siberia, Pundi Srinivasan Raghavan, India’s Ambassador to Russia, told Tomsk information agency NIA Tomsk.

“Today we are considering all possibilities of cooperation. This includes investments in production facilities, cooperation in the field of liquefied natural gas, medium and large projects, said Raghavan. “ONGC (Oil & Natural Gas Corporation), which has bought Imperial Energy, is currently in talks with Gazprom and Rosneft to expand cooperation. Another of our companies, Oil India Limited (OIL), which has also made investments in the Tomsk region, is interested in expanding the investment. Of course, if there are still some opportunities in the Tomsk region, our companies will be happy to use them, especially because they are already present there,” Raghavan said.

The Indian government fully supports the efforts of Indian companies to gain resources in the oil and gas sector, because India is seeking energy security for development, Raghavan said.


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