The national Oil Giants namely ONGC Videsh Ltd, Oil India Ltd, Indian Oil Corporation Ltd and Bharat Petro Resources — and Russia’s Rosneft have signed two separate memorandums of understanding, one Heads of Agreement, and one sale purchase agreement worth $2 billion to increase India’s participation in the Siberian oil and gas fields.
- The first MoU was signed between ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, and Rosneft that would enable the Indian company to raise its stake in Vankorneft, the operator of the Vankor oil and gas field in Siberia, to 26 per cent from the existing 15 per cent.
- A Heads of Agreement (HoA) was signed by Indian Oil, Oil India and Bharat Petro Resources with Rosneft to pick up a 23.9 per cent stake in Vakorneft. This would raise India’s stake in the Vankor field to 9 per cent
- Indian Oil, Oil India and Bharat Petro Resources also signed a sale purchase agreement with Rosneft to give the Indian companies a 29.9 per cent stake in the Taas-Yuryakh fields in Eastern Siberia.
- The Indian consortium also committed to $180 million towards the future capital expenditure requirements of the Taas-Yuryakh fields
- The Indian consortium also signed a MoU for acquisition of a stake in Vankor clusters.
This is a cluster of three small fields around Vankor