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ONGC has bought 15% in Russia’s Vankor oil field for $1.35 billion


A 15 percent stake in Russia’s second largest oil field from Rosneft has been bought by the Oil and Natural Gas Corp (ONGC) for about $1.35 billion.

ONGC Videsh Ltd, has signed agreements in Moscow for buying 15 percent stake in the Vankor oil field in East Siberia.

ONGC Videsh Ltd will get about 3.5 million metric tonnes of oil a year through this 15 percent stake.

Moreover, OVL will get two seats on the Board of Directors of Vankorneft, (a Rosneft subsidiary which operates the Vankor field) according to the terms of the agreement and the full control of infrastructure of the Vankor cluster will be retained by Rosneft.

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