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Rosneft, India’s ONGC sign deal of purchase-sale of 11% in Vankorneft

After the closing of the transaction ONGC will raise its participation share in Vankorneft to 26%

MOSCOW, September 14. /TASS/. Russian state-owned oil company Rosneft and India’s ONGC Videsh Limited have signed the agreement of purchase-sale of 11% in Vankorneft, Rosneft said in a statement.

After the closing of the transaction ONGC will raise its participation share in Vankorneft to 26%. Consequently the share of Indian state companies may increase to 49.9%.

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Rosneft will hold the majority in the project, retain the control over the operations of the named company and over 100% of the cluster’s infrastructure (including the Vankor-Purpe pipeline), which was spin-off into the RN-Vankor, according to the statement.

Vankorneft, a subsidiary of Rosneft, was founded in 2004 to carry out the project of the Vankor field development, the largest field to have been discovered and brought into production in Russia in the last 25 years.

The Vankor field is located in the northern part of Eastern Siberia, in Turukhansky District of Krasnoyarsk Territory, 142 km from Igarka.

As of January 1, 2016, recoverable resources of the Vankor field stood at 361 mln tonnes of oil and condensate and 138 bcm of gas. In 2015 Vankor produced 22 mln tonnes of oil and 8.71 bcm of gas.

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