Russia to boost LNG supplies to India

India is likely to get significantly higher supplies of LNG from Russia beginning 2016, Russian President Dmitry Medvedev on Friday said.

Mentioning the success of ONGC Videsh Ltd (OVL) venture in Sakhalin-1 offshore oil block, Medvedev also expressed Russia's interest in expanding cooperation with India in hydrocarbons.

OVL has 20 per cent stake in Sakhalin-1, which has estimated reserves of about 307 million tons of oil (2.3 billion barrels) and 485 billion cubic meters of gas (17 trillion cubic feet). 

Russia’s Gazprom has inked the memoranda covering major supplies of LNG to India with several Indian companies.

OVL is also in talks with Russia's largest independent gas producer Novatek to participate in the Yamal LNG project which is being implemented by Novatek and France's Total.