Rosneft to sell stakes in Vankor Field to Indian firms

Rosneft has signed agreements to sell approximately half of its stakes in Russia’s Vankor Field to four Indian firms, according to Reuters.

Under the agreements, ONGC will increase its stake in Rosneft's Vankor project to 26%, while Oil India, Indian Oil, and Bharat PetroResources Ltd. will buy up to 23.9% between them in the same field.

The value of the transaction was not disclosed. If the transactions are finalized, Rosneft will retain a 50.1% stake in Vankor.

Reuters noted that, in 2015, ONGC agreed to buy a 15% stake in Vankor, one of Rosneft's newest fields which produced 22 million tonnes of oil in 2014, a tenth of Rosneft's total output. Oil produced from the Vankor Field is shipped to Asia, mostly to China.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...