ONGC inks deal to buy extra 11% stake in Russian Vankor fields – Feedback

State-run explorer Oil and Natural Gas Corp (ONGC) has signed definitive agreements with Russian state-run oil major Rosneft OAO to purchase additional 11 per cent stake in JSC Vankorneft.

“The daily production from the field is around 421,000 barrels per day (bpd) of crude oil on an average and together with the earlier acquisition of 15 per cent, ONGC Videsh’s share of daily oil production from Vankor will be about 110,000 bpd,” ONGC said in a statement here. “Vankor — that operates the Vankor oil and gas fields in Siberia — is Rosneft’s second-largest field by production and accounts for 4 per cent of Russia’s production,” it said. The definitive agreement was signed in Moscow on September 14 by ONGC’s overseas arm ONGC Videsh Ltd’s (OVL) Chief Executive Officer Narendra K. Verma and Chairman Igor Sechin of the Rosneft board of directors, ONGC said.

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