India set to buy 49% in Russia oilfield by February – Feedback

A consortium of Indian companies led by ONGC Videsh (OVL) is likely to acquire a 49 per cent stake in Russia’s Vankor cluster oilfields owned by Rosneft by February 2018. While OVL, a fully-owned subsidiary of state-run Oil and Natural Gas Corporation, is expected to hold 26 per cent stake in the cluster, remaining players — Indian Oil Corporation (IOC), Oil India (OIL), Hindustan Petroleum Corporation (HPCL) and Bharat PetroResources (BPRL) — will also be partners in it.

“Oil India is heading the talks for the consortium. We are expecting to seal the deal by February next year,” said an official. The Vankor cluster includes three fields — Suzunskoye, Tagulskoye and Lodochnoye — in the north of the Krasnoyarsk territory in immediate neighbourhood of the Vankor field.

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