Indian Oil Corporation Limited (IndianOil), Oil India Limited (OIL) and Bharat PetroResources Limited (BPRL), through a joint venture company formed by their wholly-owned subsidiaries in Singapore, on Wednesday completed acquisition of participatory stakes in E&P assets of Russia’s national oil company.
The acquisitions that have been completed includes purchase of 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia as also the acquisition of 29.9% of the participatory share in the charter capital of LLC Taas Yuryakh Neftegazdobycha (TYNGD), from LLC RN Razvedka I Dobychya, a wholly-owned subsidiary of Rosneft.
The definitive agreements for the Vankor transaction were signed in June 2016 and for the Taas transaction in Mar 2016.
In JSC Vankorneft, post-closing of transactions, Rosneft will hold about 61.1% shares and ONGC Videsh Ltd. (through its subsidiary) holds the remaining 15% shares of JSC Vankorneft.
In TYNGD, post-closing of the transaction, Rosneft (through subsidiary) will hold about 50.1% share and BP (through subsidiary) holds the remaining 20% share.
Vankor field, located in East Siberia is Russia’s second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 million tonnes of oil and 8.71 BCM of gas.
TYNGD is currently producing approx. 1.1 million tonnes of oil and is expected to ramp up the production to 5 million tonnes of oil by 2021.
Besides the above two Russian acquisitions, IndianOil’s existing E&P portfolio comprises eight domestic and seven overseas blocks. The seven overseas blocks are located in Libya, Gabon, Nigeria, Yemen, Venezuela, Canada and USA.
Latest posts by Team EnergyInfraPost (see all)
- IndianOil reports highest ever profit of Rs 19,106 crores in FY 17 – May 26, 2017
- BHEL commissions 270 MW Thermal Unit in Maharashtra – May 25, 2017
- UJALA appliances scheme launched in Punjab – May 25, 2017