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Indian companies may acquire up to 49% of two more oil fields in Russia — source

A consortium of Oil India, Indian Oil and Bharat Petroresources will consider the possibility of acquiring a share in Suzunskoye and Tagulskoye fields

© Sergei Bobylev/TASS

NEW DELHI, March 16. /TASS/. A consortium of Indian companies Oil India, Indian Oil and Bharat Petroresources will consider the possibility of acquiring up to 49% of shares in Suzunskoye and Tagulskoye fields (located in the Bolshekhetsk Lowland in the north of Krasnoyarsk territory north of the Arctic Circle) from Rosneft, a source familiar with the talks told TASS Wednesday.

Besides, the consortium plans to invest a total of $5.5 bln in Taas-Yuryakh and Vankor fields.

"The planned investments top $5.5 bln," the source said.

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Earlier on Wednesday Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a memorandum of understanding for cooperation in respect of the Vankor project, which stipulates the joint analysis of a potential partnership with the scope of the development of the Suzunskoye, Tagulskoye and Lodochnoye fields. Also, the companies signed a heads of agreement in respect to the acquisition of a 23,9% share in Vankorneft by Indian investors. The document stipulates the possible execution of legally binding documents with regard to the sale and purchase transaction.

Vankorneft, a subsidiary of Rosneft, is developing the Vankor oil and gas condensate field, situated in Turukhan district of the Krasnoyarsk Territory. In 2013, Vankorneft was chosen as an operator on development of new fields of Vankor cluster - Suzunskoye, Tagulskoye and Lodochnoye fields, located close to the Vankor field. The reserves of Suzunskoye field exceed 56 mln tonnes of oil and condensate, and 35 bln cubic meters of gas.

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. It is located in the northern part of Eastern Siberia, in Turukhansky District of Krasnoyarsk Territory, 142 km from Igarka. As of 1 January 2015, the initial recoverable reserves in the Vankor field are estimated at 476 mln tons of oil and condensate, and 173 bln cubic meters of gas. The area of the Vankor field is 447 square kilometers. Oil and gas condensate production in 2015 was 22 mln tons.

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