ONGC Videsh completes $1.3 billion stake acquisition in Russian field – Feedback

ONGC Videsh Ltd today announced completion of acquisition of 15 per cent stake in Russia’s second biggest oil field of Vankor from Rosneft for $1.268 billion, its fourth biggest acquisition.

The overseas arm of state-owned Oil and Natural Gas Corp (ONGC) said the acquisition of 15 per cent stake in JSC Vankorneft — a company organised under the law of Russian Federation, which is the owner of Vankor Field and North Vankor licence — was completed today. Rosneft, the national oil company of Russia continues to hold the remaining 85 per cent shares of JSC Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky district of Krasnoyak Territory in Russia. The field, which has recoverable reserves of 2.5 billion barrels, will give OVL 3.3 million tonnes per annum of oil production. OVL said in a statement that the deal to acquire stake in Vankor was signed by its Managing Director & CEO Narendra K Verma and Rosneft head Igor Sechin in early September last year.

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