The Minister of Petroleum and Natural Gas recently embarked on an important visit to the Sakhalin oil field in Russia. The partners involved with this oil field are Exxon Mobil from the United States, Rosneft from Russia, Japanese SODECO, and ONGC Videsh. The Sakhalin oil field will continue to produce oil and gas until 2055. In light of the recent Vladivostok Summit, a roadmap was agreed upon for cooperation in the hydrocarbon sector over the next five years. The sourcing of coking coal from the Russian Far East is now considered a significant priority.
Partnership in Sakhalin Oil Field
Exxon Mobil of the United States, Russia’s Rosneft, SODECO of Japan, and ONGC Videsh are partnering at the Sakhalin oil field. The oil field is predicted to continue its production of oil and gas for another three decades, until 2055. This partnership represents a powerful collection of some of the world’s leading oil and gas companies, each bringing unique expertise and resources to the table.
Vladivostok Summit and Cooperation Roadmap
During the recent Vladivostok Summit, there was an agreement for enhanced cooperation between countries in the hydrocarbon sector for the next five years. The roadmap for this cooperation includes various strategic moves aimed at strengthening the global LNG exports to India.
There are also plans to encourage Russian companies to participate in gas projects within India. Further, the roadmap explores the possibility of Indian companies collaborating in LNG projects, including involvement in Arctic LNG infrastructure projects.
Promoting Knowledge Transfer and Education
Another facet of the agreed roadmap involves fostering cooperation at the educational level, particularly in universities. This move is expected to not only improve the skills and knowledge of the workforce in the sector but also to promote innovation and research in the field of hydrocarbons.
Sourcing Coking Coal from the Russian Far East
| Sourcing Country | Resource |
|---|---|
| Russian Far East | Coking coal |
A Major Priority for the Industry
Following the Vladivostok Summit, sourcing coking coal from the Russian Far East has emerged as a major priority. This is significant as coking coal is an essential ingredient in the steel making process. The sourcing of this valuable resource from the Russian Far East region opens up a new avenue for steel production companies, with potential benefits including cost reduction and supply stability. This decision also reflects the wider strategy of diversifying sources of critical raw materials to ensure uninterrupted operations.