Reports say Oil India (NS:OILI) Ltd, Indian Oil (NS:IOC) Corporation and Bharat Petro Resources Ltd plan to invest $1.7 billion to acquire stake in Taas Yuryakh oil field in Russia.16 Mar 2016
Commodity Online
Indian Public Sector Enterprises in Oil and Gas have signed documents with Russian oil firm Rosneft for acquiring of share in Vankorneft and Taas-Yuryakh. Reuters reported that Oil India Ltd, Indian Oil Corporation and Bharat Petro Resources Ltd plan to invest $1.7 billion to acquire stake in Taas Yuryakh oil field in Russia.
The Taas-Yuriakh field is currently producing 20,000 barrels per day (bpd) of crude oil and is expected to go up to 100,000 bpd in the next two years.
The follwoing agreements were signed during the visit of Igor Ivanovich Sechin, President, Chairman of the Management Board, Rosneft, Russia, on Wednesday:
The Consortium of Oil India Ltd, Indian Oil Corporation and Bharat Petro Resources Ltd. has signed Share Purchase Agreement (SPA) with Rosneft for acquiring 29.9 % share in Taas-Yuryakh.
Heads of Agreements has been signed between the consortium of Indian companies and Rosneft of Russia on acquiring of 23.9% share by the consortium in Vankorneft. Vankorneft is a wholly owned subsidiary of Rosneft which operates Vankor Field in Russia.
ONGC Videsh Ltd. (OVL) and Rosneft of Russia has signed Memorandum of Understanding for acquiring of 11% share in Vankorneft in addition to earlier 15% share by OVL. And Memorandum of Understanding between consortium of Indian companies (Oil India Ltd, Indian Oil Corporation and Bharat Petro Resources Ltd) and Rosneft of Russia for acquisition in Vankor cluster.