Breaking News

You are here » Indian-Commodity  :  Top News  :  Oil India led consortium completes acquisition of two upstream assets in Russia

06-Oct2016

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.


Related News

View all news

Crude oil futures end lower on Monday

Crude oil futures ended lower on Monday as steep declines in the US stock market fed an aversion to so-called riskier assets, which include oil. Meanwhile, the US-China trade dispute escalated as China......

Gold futures trade flat on Monday

Gold futures was trading flat on Monday as growing uncertainty over whether the United States and China will be able to reach a deal to end their escalating trade war fueled safe-haven demand for the precious......

Jeera futures trade higher on rising demand

Jeera futures traded higher on NCDEX on the back of rising physical and export demand at the spot market. However, higher availability of crop this season, capped some gains.The contract for May delivery......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......