Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary- ONGC Videsh (OVL) has received approval from the Cabinet Committee on Economic Affairs to acquire 11% stake in Russia’s Vankor oil fields from Rosneft Oil Company for $930 million, which will take its overall stake in the project to 26%. OVL had bought a 15 per cent stake in the field for $1.268 billion last year. The acquisition will provide 3.2 million tonne of oil equivalent (mtoe) to OVL by 2017.
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 $31 billion.
