Oil and Natural Gas Corporation Videsh Limited (OVL) is set to make oil and gas investments in Sakhalin-III and the eastern Siberian region. Reports noted that OVL expressed its interest to bid for Sakhalin-III by tying up with Russian company Rosneft during the visit of the Russian Prime Minister Victor Zubkov. India had presently a 20% stake in Sakhalin-I which was operated by Exxon Mobil.

News sources also indicated the growing interest of Indian oil companies in oil and gas reserves of the Russian continental shelf. Russian companies like Rosneft were also considering investing in LNG import terminals being built by ONGC at Mangalore in Karnataka1.

• 1. “OVL Looks for Oil fields in Siberia,” The Hindu, February 15, 2008, at http://www.hindu.com/2008/02/15/stories/2008021555101700.htm