HOUSTON: According to Petroleum Minister Hardeep Singh Puri, India and Russia continue to have a “healthy discussion” and will consider any offers made in light of the recently announced ownership change for the Sakhalin-1 oil and gas project.
Last week, Russia issued a decree authorising it to take control of Exxon Mobil’s 30% investment in the project. The decree also handed a Russian state-run corporation the power to decide whether international investors, like India’s ONGC Videsh, can continue to hold shares in the project.
Following discussions with US oil executives in Houston, petroleum minister Hardeep Singh Puri said in an interview on Monday, “We’ll look at what is the state of play and what’s on offer. After OPEC+ last week decided to reduce oil output by 2 million barrels per day starting next month, Puri said India is “actively monitoring” Saudi Arabia’s Asia premium over oil prices.
“When circumstances like this change, consumers begin to play a part, he said, alluding to the global energy balance and the “unintended consequences” of the OPEC+ decision. According to him, excessive oil prices might worsen inflation, send the world economy into a recession, and lower demand for oil.
He made the suggestion that the planned price ceiling for Russian oil purchases by the European Union is still in the works. “Let’s watch how the Europeans’ strategy develops if they present one, “added said.
In addition to discussing collaborations on energy security, Puri met with US Energy Secretary Jennifer Granholm and Energy Security Advisor Amos Hochstein this week in Washington. They talked about biofuels and sustainable energy as well as energy security.
Regarding conversations with officials on the world’s energy sources, he added, “At no point have we ever been urged not to buy Russian oil.”After opening the bidding process for offshore oil and gas development zones, he met with officials from Exxon Mobil, Baker Hughes, and liquefied natural gas firms in Houston.
