Indian Consortium Finalizes $3.2Bln Deal With Rosneft for Two Russian Oil Fields

NEW DELHI (Sputnik) — An Indian consortium comprising Indian Oil, Oil India Limited and Bharat PetroResources Limited completed two transactions related to purchase of a stake in Russian oil company Rosneft. In the first transaction, the consortium completed its acquisition of a 23.9% stake in JSC Vankorneft, owner of Vankor and North Vankor Field licenses, from Rosneft. The consortium also acquired 29.9% stake in LLC Taas Yuryakh Neftegazdobycha from Rosneft. The definitive agreements for the Vankor transaction were signed in June 2016 and March 2016 for the Taas transaction.

"The Consortium will be paying $2020.35 million for acquiring stake in Vankorneft and USD 1242 million for acquiring a stake in Taas-Yuryakh," reads a statement released by the Indian Government on September 28.

Earlier in the day, India's cabinet has approved OVL's purchase of an additional 11% stake in the Vankor oil field. OVL will pay 930 million dolars to acquire a 11% stake in Vankorneft. With the additional 11% stake, the Indian companies will together own 49.9 percent of Vankorneft. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production.

Earlier, Sputnik also reported that ONGC Videsh Ltd is exploring an opportunity to acquire a 49% stake in Rosneft's Tagul field. According to sources, the deal is likely to be around $1 billion, though nothing has been officially announced.