From the Field

Rosneft field

India signs off on ONGC Videsh’s Vankor stake

NEW DELHI, October 5, 2016 – The Indian Cabinet has green-lit ONGC Videsh’s acquisition of an additional share in Rosneft’s Vankor field, the government said on Wednesday.


ONGC Videsh acquired an 11% stake for the sum of USD 930 million, raising its shareholding in the Siberian oilfield to 26%. “The acquisition is in line the ONGC’s stated objective of adding high-quality international assets to India’s Exploration and Production (E&P) portfolio and thereby augmenting India’s energy security,” the government said in a statement.

Minister of State for Petroleum and Natural Gas Dharmendra Pradhan tweeted on Wednesday that the latest purchase would “go a long way to create a new energy bridge between the two strategic partners.”

In other India news, Indian Oil Corporation has submitted an expression of interest for a 2,000-kilometre gas pipeline, local media reported Tuesday. The conduit would connect the company’s Kandla import terminal to Gorakhpur in an effort to keep up with growing cooking gas demand.

Stay Informed