Oil and Natural Gas Corporation’s (ONGC) overseas arm -- ONGC Videsh (OVL) and Rosneft have signed an Agreement of Confirmation of successful completion of the first stage pre-completion actions in relation to the creation of a joint venture in JSC ‘Vankorneft’. The document was signed in continuation of the agreement of sale and purchase of a 15% share in Vankorneft and the shareholders agreement in regard of the enterprise management (the documents were signed in September, 2015). The parties intend to complete the transaction upon obtaining necessary regulatory and other approvals.
Moreover, Rosneft and ONGC Videsh signed a Memorandum of understanding (MoU) for cooperation for geologic survey, exploration and production of hydrocarbons onshore and on the continental shelf of the Russian Federation. The agreement, signed in continuation of the MoU for cooperation in exploration, appraisal and hydrocarbon production on the continental shelf of the Russian Federation (signed within SPIEF-2014), confirms the intention of parties to continue cooperation in the named areas and expands the sphere of the potential partnership to include Russian onshore hydrocarbon development projects. Particularly the companies will analyze the possibility of expanding their partnership aimed at the development of perspective Rosneft projects in East Siberia.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about USD 31 billion. The Indian government holds a 68.94% stake in ONGC.
Company Name | CMP |
---|---|
ONGC | 279.10 |
Oil India | 646.30 |
Jindal Drilling&Inds | 769.00 |
Hind Oil Exploration | 198.95 |
Deep Industries | 294.70 |
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