Russian, Indian oil companies sign memorandum on joint operations

NEW DELHI, December 11. /TASS/. Russia’s government-owned oil company Zarubezhneft and the Indian company Oil India Limited have signed a memorandum on joint operations, Sergei Kudryashov, Zarubezhneft president told reporters here on Thursday. “We signed a memorandum on joint activities in the continental areas and on the use of our drilling ships on the continental shelf,” he said. The sides plan joint efforts in the areas like exploration, production and transportation of oil and gas, technologies, and the increase of oil recovery from deposits, Zarubezhneft said in a release for the media. In another important move, the two companies agreed to tap and assess potential projects in India, Russia and in third countries. A joint workgroup will be set up to coordinate these projects. As of 2002, Zarubezhneft has been doing repairs of oil wells belonging to the Indian oil and gas corporation ONGC. Read more