Oil and Natural Gas Corporation’s (ONGC) overseas arm - ONGC Videsh (OVL), has completed the acquisition of additional 11% interest in Russia’s Vankor oilfield, taking its total stake to 26%. After the stake sales, Rosneft holds 50.1% stake in JSC Vankorneft, the company that operates the Vankor oilfield.
OVL signed a deal with Rosneft Oil Company to acquire additional 11% stake in the East Siberian field for $930 million on October 28. OVL, which had previously bought 15% stake in Vankor from Russian national oil firm Rosneft for $1.268 billion, will get an 7.3 million tons of oil equivalent from its 26% stake. OVL will tie-up long-term financing in the next six to nine months to replace the bridge loan.
Besides OVL’s 26%, a consortium of comprising Oil India (OIL), Indian Oil Corporation (IOC) and Bharat PetroResources (BPRL) has acquired 23.9% stake in the field.
