India marches ahead to achieve its energy security goals, $3.14 bn approved for buying stake in 2 Russian oil and gas fields

The approval was given for purchasing a 29.9% stake in LLC Taas-Yuryakh and another 23.9% in Vankor oilfield for $2.02 billion by an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL)

India marches ahead to achieve its energy security goals, $3.14 bn approved for buying stake in 2 Russian oil and gas fields

In line with India’s stated objective of adding high quality international assets to its Exploration & Production portfolio and thereby augmenting India’s energy security., the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi on Wednesday (September 28) gave its approval for acquiring 23.9% stake in two Russian fields for a total value of $3.14 billion (or close to Rs 20,875 crores with one US dollar @ Rs 66.48).