ONGC Videsh, Rosneft sign pact for 11% stake in Vankorneft

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

15 Sep 2016 Evaluate

ONGC Videsh (and its wholly owned subsidiary ONGC Videsh Vankorneft, Singapore - OVVL) have jointly signed definitive agreements with Rosneft, the national oil company of Russia for acquiring additional 11% shares in JSC Vankorneft, a company organized under the law of Russian Federation, which is the owner of Vankor Field and North Vankor license. Earlier on May 2016, ONGC Videsh had successfully closed the acquisition of 15% shareholding interest in the said company. After the closing of the present transaction, ONGC Videsh will raise its participation share in Vankorneft to 26%. The acquisition is subject to relevant Board, Government and Indian and Russian regulatory approvals and is expected to close by end of 2016.

Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 421,000 barrels per day (bpd) of crude oil on an average and together with earlier acquisition of 15%, ONGC Videsh’s share of daily oil production from Vankor will be about 110,000 bpd. The acquisition of additional 11% bears significant strategic importance and would add about 30% to the existing ONGC Videsh’s production at the current rate and approximately 2.2 MMT of oil and 1.0 BCM of gas annually.

The present transaction provides an opportunity to ONGC Videsh to enhance its presence in Russia and is consistent with its stated strategic objective of adding high quality international assets to its existing E&P portfolio. This acquisition also has significant strategic importance to India, both in terms of augmentation of India’s Energy Security as well as enhancing India’s stature in the global political and economic arenas.

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), which is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas.

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