India’s largest oil and gas explorer, ONGC will sign
a deal to acquire stake in two Siberian oilfields, including the strategic
Vankor, during Russian President Vladimir Putin's visit to India.
ONGC Videsh, the overseas arm of the state explorer,
will sign a memorandum of understanding (MoU) for acquiring the stake in Vankor
and Yurubcheno-Tokhomskoye fields, government officials said.
Russia's biggest oil company Rosneft has offered to
sell 10 percent stake in the strategic Vankor oilfield in Siberia to OVL. Vankor
is the largest field to have been discovered and brought into production in
Russia in the last 25 years.
As of January 1, 2014, the initial recoverable reserves in the Vankor field are estimated at 500 million tonnes of oil and condensate, and 182 billion cubic meters of gas.
As of January 1, 2014, the initial recoverable reserves in the Vankor field are estimated at 500 million tonnes of oil and condensate, and 182 billion cubic meters of gas.
Sources said OVL is doing due diligence on the
proposal and will make an offer post that. Vankor will reach peak output of
500,000 barrels per day or 25 million tons a year in 2019.
Besides Vankor, Rosneft has also made a proposal to
OVL for joint development of Yurubcheno-Tokhomskoye oilfield in eastern
Siberia. The field is estimated to hold 991 million barrels of oil equivalent
reserves and is planned to start production in 2017.
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