Gazprom Neft signs Memorandum of Understanding with India’s ONGC Videsh Ltd. on possibility of joint implementation of offshore projects

Gazprom Neft and India’s ONGC Videsh Ltd. have used the International Arctic forum ‘Arctic: Territory of Dialogue’, currently taking place in Arkhangelsk, to announce the signing of a Memorandum of Understanding which confirms the companies’ mutual intent in joining forces for implementation of offshore hydrocarbon production projects in Russia and elsewhere in the world.

The parties have expressed their intent to exchange best technical, production, and commercial practices regarding field development in the Arctic and on the Sakhalin Island, as well as to explore possible use of these at licence blocks owned by Gazprom Neft. The memorandum envisages a study on both companies’ individual experience in conducting geological prospecting and hydrocarbon production at offshore fields in the regions of mutual interest for both companies.