Indian Oil Corp, Oil India and Bharat Petroleumtoday signed an agreement to buy stakes in Russia’s Taas-Yuriakh oil field in East Siberia for about $1.3 billion (about Rs 8,750 crore). The three firms will equally split the 29.9 per cent they bought from Rosneft in Taas-Yuriah oilfield. They also signed Heads of Agreements for buying 23.9 per cent in Vankor oilfield in Siberia. They will pay $ 1.28 billion for the stake in Taas-Yuriah oilfield which currently produces 20,000 barrels per day, officials said. The field has proven reserves of 137 million tons and output will reach 100,000 bpd in two years. A separate MoU was also inked by ONGC Videsh Ltd with Rosneft taking additional 11 per cent in Vankor oil field in addition to 15 per cent it bought in September last year. OVL, the overseas arm of the state-owned Oil and Natural Gas Corp (ONGC), had on September 4 last year agreed to buy 15 per cent stake in Russia’s second-biggest oil field of Vankor from Rosneft for $1.26 billion. IOC, OIL and Bharat PetroResources Ltd (BPRL), a unit of BPCL, will after buying 29.9 per cent stake in Taas-Yuriakh also pay $180 million as their share of future capex. They also signed MoU with Rosneft for possible stake in Vankor Cluster fields. The agreements were signed on the second day of Rosneft boss Igor Sechin’s two-day visit to India. Rosneft had last year sold 20 per cent stake in Taas-Yuriah BP of UK for $750 million. The Russian firm will hold 50.1 per cent stake in the project after the deal.
Source: Economic TimesIndian Oil, Oil India & Bharat Petroleum to buy Russian oil field for $1.3 billion
Industry: Oil 2016-03-17