Indian and Russian Oil Majors find MoU Indian Oil Majors Tap Into Russian Hydrocarbon Reserves with Rosneft–MoU
Indian Oil and Oil India (OIL) have signed a Memorandum of Understanding (MoU) with the Russian oil & gas major Rosneft in Moscow for cooperation in geologic survey, exploration and production of hydrocarbons in select onshore assets in the Russian Federation.
New Delhi/India, Moscow/Russia – The MoU document lays the foundation for a long-term partnership between Indian Oil, 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 will give additional impetus to the development of one of the largest oil assets in East Siberia.