ONGC buys 15% stake in Russia’s Vankor oil field for $1.35 bn


New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has bought a 15 percent stake in Russia’s second- largest oil field from Rosneft for about USD 1.35 billion.

ONGC Videsh Ltd, the overseas investment arm of the state explorer, signed agreements in Moscow to buy 15 percent stake in the Vankor oil field in East Siberia, sources said.

The 15 percent stake will give OVL about 3.5 million metric tonnes of oil a year.

Under the terms of the agreement, OVL will get two seats on the Board of Directors of Vankorneft – a Rosneft subsidiary that operates the Vankor field. Rosneft will retain full control of infrastructure of the Vankor cluster, they said.

Vankor, which started production in 2009, holds recoverable reserves of about 500 million tonnes.

OVL already has a 20 percent stake in the Sakhalin-1 oil and gas field off Russia’s far eastern coast and owns Imperial Energy which has fields in Siberia.

Related Posts Plugin for WordPress, Blogger...
Nagaraju Tadakaluri
Nagaraju Tadakaluri is a Professional Web Designer, Freelance Writer, Search Engine Optimizer (SEO), Online Marketer, Multi Level Marketer (MLM) and Business Promoter. Have developed Latest Updates in hopes to educate, inform and inspire.

Rupee closes 22 paise lower at 66.46 against USD

Previous article

Fresh trouble for Sahara Group; SC seeks reply on I-T return notice

Next article

You may also like


Comments are closed.

More in Finance