Indian Consortium Interested in Rosneft’s Vostok Oil Project

Rosneft employee looking at an oil well

The Vostok Oil project includes 52 field licenses with resources amounting to more than 6 billion tons of oil. By 2030, annual production is to reach 100 million tons. (Photo: Rosneft)

Three state-run Indian oil companies are interested in jointly investing in Rosneft’s Vostok oil project.

The consortium of ONGC Videsh Ltd, Indian Oil Corp Ltd, and Oil India Ltd is considering participation in Rosneft’s Vostok oil project. The companies have already completed the technical assessment for 30 out of 52 license areas, according to the Indian newspaper Mint

"The talks are at a preliminary stage. For Vostok, the technical evaluation for 30 license areas has been done. How much participatory interest will be taken will be based on evaluation based on technical data. It depends on how much is recoverable. Once the reserves match with the operator’s numbers, then the commercial evaluation will happen”, a source familiar with the situation told Mint. 

"Rosneft is negotiating entry into the [Vostok Oil] project with a number of potential partners, including a consortium of Indian companies. We will inform you about the results of this work in a timely manner," a spokesperson of Rosneft said. 

The Vostok project comprises 52 license areas comprising 13 oil and gas fields. Production of hydrocarbons in the project can start in 2024.

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