Russia approved OVL deal to acquire 15% stake in Vankor oilfield for $1.3 billion

The deal was signed between the ONGC Videsh Ltd and Rosneft in September 2015.

Created On: Mar 30, 2016 13:07 ISTModified On: Mar 30, 2016 13:04 IST

The Government of Russia 24 March 2016 approved a deal for ONGC Videsh Ltd (OVL) to acquire 15 percent stake in Vankor oilfield from Rosneft.

The deal is worth 1.3 billion US dollars. It was signed between the OVL and Rosneft in September 2015.

This deal is in addition to another deal that was signed between the OVL and three other oil companies in March 2016.

As per the deal, OVL’s stake in Vankor will raise to 26 per cent from 15 per cent, while the other three companies could together pick up 23.9 per cent. Consequently, Rosneft will retain the remaining 50.1 per cent.

Both these deals will help India secure access to lucrative Russia's oil market, while Rosneft will gain access to the Indian market.

About Vankor oilfield

• It is located in Russia’s east Siberia and consists of 500 mn tonnes of oil and 182 bn cubic meters of gas.

• It started commercial production in 2009 and, at present, produces 440000 barrels of oil per day.

• The field, which was discovered in 1988, is the largest field in Russia and key provider of volumes to the East Siberia Pacific Ocean (ESPO) Pipeline that fulfills the energy needs of China.

Now get latest Current Affairs on mobile, Download # 1  Current Affairs App

Take Weekly Tests on app for exam prep and compete with others. Download Current Affairs and GK app

एग्जाम की तैयारी के लिए ऐप पर वीकली टेस्ट लें और दूसरों के साथ प्रतिस्पर्धा करें। डाउनलोड करें करेंट अफेयर्स ऐप

Comment ()

Related Stories

Post Comment

6 + 8 =


    Whatsapp IconGet Updates

    Just Now