According to TASS news agency (Russia), Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri said that India is inviting Russia to participate in oil and gas exploitation on an area of up to 200,000 km2 of the country.
Speaking at an official event, Mr. Hardeep Singh Puri said: "We are proposing an area of 200,000 km2 in the sedimentary area for drilling and exploration. The region is completely open to Russia. This is an opportunity for all companies. The remaining issue is only establishing cooperation".
According to the Indian Minister, this invitation is not only for Russia but is open to many international partners. However, he especially emphasized the importance of enhancing direct contact between businesses of the two countries.
I always encourage more interaction between companies, more discussions. A discussion can lead to the presence of a delegation, thereby arousing interest and motivating participants, Mr. Puri added.
The move comes as Russia looks to diversify its partners and markets in the oil and gas industry, in response to Western sanctions following the conflict with Ukraine. India - one of the fastest growing economies in Asia - has emerged as a potential partner, not only in the field of oil consumption but also in exploitation and processing cooperation.
India currently has about 3.4 million square kilometers of territory, of which the sedimentary area containing oil and gas accounts for about 1.2 million square kilometers. The opening of an additional 200,000 km2 is considered a notable step in the country's energy policy and investment attraction.
In addition to the field of exploration and exploitation, Minister Hardeep Singh Puri also mentioned India's growing demand for petrochemical raw materials. He said the country will continue to seek forms of international cooperation in the field of deep processing. The demand for raw materials for the petrochemical industry will continue to increase. Therefore, we are also looking for cooperation in this field, he said.
Experts say this is an opportunity for Russia to expand direct investment abroad, while helping India strengthen energy security in the long term. With its strategic geographical location, large consumption markets and increasing demand, India is emerging as an attractive destination in the global energy strategy.
In 2023 and early 2024, India has become one of Russia's largest crude oil buyers, with import output exceeding the pre-Ukrainian conflict level. However, most of them are limited to product trading. This exploration invitation marks the transition from buying and selling relationships to cooperation in developing on-site resources.
Strategic relations between Russia and India are also getting deeper as both countries seek to build a multipolar economic - energy order, reducing dependence on Western-controlled financial and trade structures.
