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Indian companies invest $5 bln in Vankorneft and TAAS-Yuryakh Neftegazodobycha — ONGC

Around $4 bln has already been invested, while $1 bln is left

MOSCOW, October 12. /TASS/. Indian companies are investing $5 bln in Vankorneft and TAAS-Yuryakh Neftegazodobycha, Managing Director of ONGC Videsh Limited (OVL) Narendra Verma told TASS on Wednesday.

"We have already agreed on purchasing 49.9% in Vankorneft and 29.9% in TAAS-Yuryakh Neftegazodobycha (together with a consortium of Indian companies - TASS). The total volume of investments - $5 bln. We have already invested $4 bln, $1 bln is left," he said.

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Narendra Verma added, he is going to meet with President of Rosneft Igor Sechin on the sidelines of the BRICS summit. "Last time I visited Moscow we met with him. And this time, I think that he is visiting India and BRICS summit. We will meet, hopefully," he said.

Russia’s state-owned oil company Rosneft and a consortium of Indian companies Oil India, Indian Oil and Bharat Petroresources have signed a sale-purchase agreement on a 23.9% stake in Vankorneft for $2 bln and 29.9% in TAAS-Yuryakh Neftegazodobycha for $1.12 bln.

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 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 the 2P hydrocarbon reserves of the Vankor field according to the PRMS Vankor field classification stood at 265 mln tonnes of oil and condensate and 88 bln cubic meters of gas.

In March 2016, Rosneft signed with ONGC Videsh Limited a memorandum of understanding for cooperation in respect of the Vankor project, which stipulates the prospective increase to 26% of the share of the Indian company in Vankroneft. The document also oversees the analysis of the joint trading development’s potential, including the possibility of entering into long-term crude-oil supply contracts.

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