Indian PSUs Exploring Gas and Oil Fields In Russia, Says Minister 

Several oil Public Sector Undertakings (PSU) are scouting for oil and gas fields, Minister for Petroleum Dharmendra Pradhan said yesterday (13 September). Recently, Russia discovered a new set of oil and gas fields, and, India has been keen on boosting energy-ties with the country to tackle a wide range of issues on its soil such as rising oil prices and dependency among others. Back in 2001, ONGC Videsh Ltd bought a 20 per cent stake in the Sakhalin-1 project in East Russia.

Furthermore, India has bought the company, Imperial Energy, and went on to recently make investments in Vankorneft and TasYuryah.

According to Economic Times, Russian firm Rosneft has bought a majority stake in Essar Oil for USD 12.9 billion. Apart from the aforementioned, Gas Authority of India Limited (GAIL) has signed a contract for 2.5 million tonnes of Liquified Natural Gas (LNG) from Gazprom for the next two decades.

The then Soviet Union had helped India launch the oil exploration project at Bombay High with the help of their technology during the 1960s and 70s.

"Our energy relations were never as strong as they have become in the last couple of years. Our engagement in the hydrocarbon sector, including some major investments, has become one of the key pillars of our bilateral relations," he added.