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Oil India led consortium completes acquisition of two upstream assets in Russia

Oil India (OIL) consortium including Indian Oil Corporation (IOCL) and Bharat PetroResources (BPRL), a 100% subsidiary of Bharat Petroleum Corporation (BPCL), have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC Taas-Yuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the National Oil Company of Russia (Rosneft).

The transactions received approvals from relevant government authorities of India and Russia in late September and completed simultaneously on October 05, 2016 in Moscow, Russia. The definitive agreements for the Taas Yuryakh and Vankorneft deals were signed on March 2016 and June 2016 respectively.

Taas Yurakh is a producing asset and one of the largest green field developments in Eastern Siberia Region. Post this transaction, Rosneft now holds 50.1 % stake in the field. BP is the other partner with 20% stake. Vankor is a producing giant oilfield, also located in Eastern Siberia. It is the second largest field in Russia by production and contributes to about 10% of Rosneft's entire oil production. Post this transaction Rosneft now holds 61.1% in the field. ONGC Videsh Limited currently holds 15% stake.

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