Indian Consortium Bids for Stake in Arctic LNG Project

2011-5-31

The consortium consists of ONGC Videsh Ltd., GAIL (India) Ltd. and Petronet LNG Ltd., a Novatek spokesman said, but declined to comment further on the bid.

ONGC Videsh is the overseas investment arm of state-run explorer Oil & Natural Gas Corp.

In March, Total SA paid $4 billion for a 12% stake in Novatek and raise the equity stake to 19.4% within three years. The deal also gives it a 20% share of Novatek's LNG project in Yamal.

France's Total is already a partner in Yamal LNG. Novatek plans to attract two or three partners for the project, the spokesman said.

The ambitious Arctic field was originally due to start production in 2013, but was last year delayed to 2016 as global demand for natural gas and LNG plunged amid an economic slowdown.

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