BP outbids ONGC for stake in Sakhalin

Vol 4, PW 21 (22 Nov 00) News in Brief

An unconfirmed report from Moscow reveals that British Petroleum has outbid ONGC Videsh for a stake in the ExxonMobil led consortium developing the 'Sakhalin I' oilfield in Russia's far east.

In a report dated 20th November, quoting anonymous sources, India Abroad News Service, said that BP has bid $400m for a 50% stake in Rosneft's equity in the concession, far higher than ONGC Videsh's offer of $170m, which Rosneft has apparently rejected. Attempts by ONGC Videsh to enter the Sakhalin consortium enjoy support at the highest levels of Indian government and figured in discussions with Russian President Vladimir Putin on his visit to India on October 3rd.