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OIL completes acquisition of 50% shareholding in WorldAce

Oil India Ltd. | Oil Exploration | Oil & Gas | BSE: 533106 | NSE: OIL

04 Jul 2014 Evaluate

Oil India (OIL), the second largest Government owned exploration and production company in the country, has completed the acquisition of 50% shareholding in WorldAce Investments (WorldAce), a Cyprus based wholly owned subsidiary of PetroNeft Resources (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia. The total commitment from OIL will be $85 million including $45 million for development capex. The effective date of the acquisition is January 1, 2014.

This marks OIL's entry into Russia and is a significant addition to the Company's overseas E&P portfolio. Very recently in June, 2014 OIL had also signed an MoU with Russia's Gazprom International BV for joint pursuit of exploration opportunities across the globe as well as collaborate on Liquefied Natural Gas. License 61 is located on the eastern side of the Ob river in the oil-bearing region of the Tomsk Oblast. The 4,991 sq. Km. license contains 7 oil fields and over 25 identified prospects and leads. The block started production in 2010. Current production from the license is around 2,100 barrels of oil per day.

OIL had earlier signed definitive agreements on April 17, 2014, with PTR, to take 50% non-operating interest in Licence 61 in Tomsk Oblast in Russia. Subsequent to the signing of the definitive agreements, the major Conditions Precedents for successful closure of the deal, including the approval of shareholders of PetroNeft and Russian regulatory approvals were obtained. The deal was successfully closed on July 03, 2014.

Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production.

Oil India Share Price

470.10 7.80 (1.69%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	283.95
Oil India	470.10
Jindal Drilling&Inds	540.15
Deep Industries	476.90
Asian Energy Service	306.05
View more..

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OIL completes acquisition of 50% shareholding in WorldAce

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