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ONGC acquires stake in Russia's Vankor oil field for $1.25 bn

Oil and Natural Gas Corp (ONGC) paid just over $1.25 billion for a 15% stake in Russian oil major Rosneft's Vankor oil field, a source with direct knowledge of the deal said on Friday.

business Updated: Sep 04, 2015 11:40 IST
Reuters
Oil and Natural Gas Corp,ONGC,Stake

Oil and Natural Gas Corp (ONGC) paid just over $1.25 billion for a 15% stake in Russian oil major Rosneft's Vankor oil field, a source with direct knowledge of the deal said on Friday.

ONGC expects to get more than 3 million tonnes of oil a year (between 66,000 and 70,000 barrels per day) from its holding in the huge Siberian oil field, the source told Reuters on condition of anonymity.

Rosneft earlier announced the deal to sell the interest in Vankor, a key source of supply to markets in the Asia-Pacific. Chief executive Igor Sechin said that talks with China's CNPC on a Vankor stake were continuing.

First Published: Sep 04, 2015 10:57 IST