Indian oil companies acquire stake in Russia’s Vankor oil field

The Ministry of Petroleum and Natural gas today announced a consortium of Indian oil companies comprising Oil India, Indian Oil Corporation and Bharat Petro Resources has acquired Vankor oil field in Siberia.

The deal was signed between Igor Ivanovich Sechin, president, chairman of the management board, vice-chairman of board of directors from Rosneft of Russia and Petroleum Minister Dharmendra Pradhan in New Delhi. Rosneft owns Vankorneft, which operates in the Vankor fields.

The meeting witnessed the signing of the following agreements / Memorandum of Understanding (MoU):

-   Share Purchase Agreement (SPA) between the consortium of Indian companies and Rosneft on acquiring 29.9% share in Taas-Yuryakh by the consortium;

-   Heads of Agreements, between the consortium and Rosneft of Russia on acquiring of 23.9% share by the consortium in Vankorneft;

-   MoU between ONGC Videsh (OVL) and Rosneft regarding acquiring of 11% share in Vankorneft in addition to earlier 15% share by OVL; and  

-   MoU between the consortium and Rosneft of Russia for acquisition in Vankor cluster.