OREANDA-NEWS. March 15, 2011. Russian oil company Bashneft today said the firm is currently holding talks on the possible sale of a 20-25 per cent stake in its capital to India's state-owned Oil and Natural Gas Corporation Limited (ONGC). "We are considering ONGC's participation as one of Bashneft's development options...We are discussing a 20-25 per cent stake," said Bashneft Board chairman Alexander Goncharuk.

He said the firm is in talks adding ONGC was planning to acquire the stake in Bashneft not just for the development of the giant Trebs and Titov oilfields. Goncharuk pointed out that if ONGC becomes one of Bashneft's shareholders, it will participate in all of the company's projects, including the development of the Trebs and Titov fields. He also said Bashneft could attract only one partner for the project.

"We are holding talks with LUKoil," he said, stressing the company had already mentioned this several times.Bashneft became the only bidder for the Trebs and Titov fields during the auction on December 2 last year.The Trebs and Titov deposits are among the most promising in the Timan-Pechora province with C1 reserves estimated at 78.9 million tonnes (578 million barrels) and 63.4 million tonnes (465 million barrels) of oil respectively.