ONGC closes acquisition of 15% stake in Vankor
The Dollar Business Bureau ONGC Videsh Ltd. (OVL) and Rosneft Oil Company have completed the acquisition of 15% shares in Vankorneft JSC, ONGC said in an announcement on Tuesday. In September last year, ONGC had signed a proposal to acquire 15% stake in Russia’s second biggest oil field of Vankorneft from Rosneft for $1.27 billion. “The closed transaction is symbolic for both the companies and marks transition to a new level of cooperation in the Russian-Indian relations in the sphere of energy,” Rosneft said in a statement. “ONGC gets substantial interest and relevant rights in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains major shares in the project and will operate on the field through the ...
Russian nod to ONGC's 15% stake in Vankor oilfield
ONGC Videsh has signed a proposal to acquire 15% stake in Vankor oilfield, considered a vital source of Russian oil to China The Dollar Business Bureau A file-photo of an oil production platform at the Sakhalin oil gas project in Russia ONGC Videsh has signed a proposal to acquire 15% stake in Vankor oilfield, considered a vital source of Russian oil to China, for $1.3 billion. The oilfield located in east Siberia, started commercial production in 2009, with reserves of 500 mn tonnes of crude oil and 182 bn cubic meters of gas, and produces 440,000 barrels a day. The field discovered in 1988, is the largest field in Russia and key provider of volumes to the East Siberia Pacific Ocean (ESPO) Pipeline. ...
