ONGC to acquire 15% interest in Russian oil field
India’s largest international oil and gas exploration and production company ONGC Videsh on Fridaysaid that it will acquire 15% interest in Vankor oil field located in East Siberia of the Russian Federation. ONGC Videsh Limited signed definitive agreements to acquire up to 15% share in CSJC Vankorneft which is the owner of Vankor field and North Vankor licences, ONGC said in a statement. Rosneft Oil Company holds 100% share in Vankorneft. “The acquisition is subject to relevant board, government and regulatory approvals and is expected to close by mid of 2016,” the statement said. The agreement was signed between ONGC Videsh’s CEO & Managing Director Narendra K Verma and Rosneft’s Chairman Board of Directors Igor Sechin during the Eastern Economic Forum (EEF) meet held in Vladivostok, Russia. “Citi worked as the sole exclusive financial advisor whereas Dentons worked as the legal advisor to ONGC Videsh on this transaction,” the ONGC statement said. As part of ONGC’s vision to expand its operations in the world and add international assets to its portfolio, the latest transaction will serve as an opportunity to enhance its presence in the energy-rich Russian region of Siberia. India’s ONGC - Oil and Natural Gas Corporation Limited- is the world's third ranked E&P organisation. It has currently 36 projects operational in 17 countries, including Russia, Brazil, New Zealand, Myanmar and Kazakhstan. Roseneft is the world’s biggest publicly traded petroleum company, accounting for 4% of Russian production. It has several exploration and production projects in the USA, Canada, Brazil, Norway, Kazakhstan, Vietnam, UAE, and Algeria.
September 04, 2015 | 5:24pm IST.
to success.