Oil and Natural Gas Corporation’s (ONGC) overseas investment arm -- ONGC Videsh (OVL) -- has acquired a 15% stake in Vankor oil field in East Siberia, Russia’s second-largest oil field from Rosneft for about $1.35 billion. The 15 per cent stake will give OVL about 3.5 million tonnes of oil a year.
Under the terms of the agreement, OVL will get two seats on the Board of Directors of Vankorneft - a Rosneft subsidiary that operates the Vankor field. Rosneft will retain full control of infrastructure of the Vankor cluster.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company.
