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The Dollar Business Bureau A consortium of oil companies from India, including Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Ltd (BPRL), is going to acquire 23.9 percent share in JSC Vankorneft and 29.9 percent share in Tyngd from LLC RN Upstream, a fully-owned arm of Rosneft Oil Company, national oil company of Russia. The definite definitive contracts for the same were signed on March 16, 2016. “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) ...

Anagreement wassigned between three Indianoil majorsto buy theshare of Russias Taas-Yuriakh in East Siberia The Dollar Business Bureau Multilateral trade deal signed to secure 29.9% shares in Taas-Yuriakh, Russia in East SiberiaWith an aim to acquire 29.9% shares in Russias Taas-Yuriakh in East Siberia, various large oil companies from India signed a contract on Wednesday. Bharat Petroleum Corporation limited (BPCL) and its production and exploration arm, as well as Oil India Ltd. (OIL) and Indian Oil Corporation Ltd. (IOCL) signed a definitive contract with Rosneft, a national oil company of Russia. OIL, IOCL and BPRL also signed a contract with Rosneft and an MoU for apossible stake in the Vankor cluster field. TYNGD is currently producing around 20,000 bopd, which is expected to be ...

Source: PIB, Government of India Resumption of Negotiations with Iran for Import of LNG  The Minister of State (Independent Charges) for Petroleum & Natural Gas Dharmendra Pradhan informed the Rajya Sabha in a written reply on Wednesday that Indian buyers (GAIL, IOCL & BPCL) signed bilateral Sale and Purchase Agreement (SPA) with National Iranian Gas Export Company (NIGEC), Iran on June 13, 2005 for import of 5 MMTPA of LNG. Quantities required by the buyers were as follows: GAIL – 2 MMTPA IOCL – 1.75 MMTPA BCPL – 1.25 MMTPA The contract price for Liquefied Natural Gas (LNG) was linked to Brent crude with a floor and cap of $10/bbl and $31/bbl respectively. According to the side letter signed along ...