India-Russia natural partners in energy collaboration

New Delhi: Mumbai-based think-tank The Gateway House in its recent report "India-Russia: Energy and economic security" published days after the 21st edition of India-Russia annual summit establishes that the two countries are nothing less than natural partners for energy collaboration.

India imports 85 per cent of its oil, while Russia is one of the largest exporters. An expanded bilateral investment strategy development is underway to help Russia access new markets and India meet its energy requirements. This mutually beneficial collaboration re-affirms trust between the two countries amidst complex geopolitical realities.

The two states go beyond building a dialogue and are already taking active steps in promoting cooperation. In particular, the Indian investors show utmost interest in development of the Eastern Siberia. Investments in Vostok Oil, the largest "green" project, are currently being considered. Vostok Oil comprises 52 licensed areas, containing 13 oil and gas fields, including Vankorskoye, Suzunskoye, Tagulskoye, Lodochnoye fields, as well as new promising fields, unique in their reserves: Payakhskoye and Zapadno-Irkinskoye.

Low unit production costs and a carbon footprint that is 75 per cent lower than that of other major new oil projects around the globe, make Vostok Oil one of the most promising upstream oil projects in the world.