Four Oil PSUs sign pacts to raise stake in Russian oil fields
National oil companies — ONGC Videsh Ltd, Oil India Ltd, Indian Oil Corporation Ltd and Bharat
PetroResources — and Russia’s Rosneft signed memorandums of understanding and
agreements on Wednesday to increase India’s participation in the Siberian oil and gas fields.
ONGC Videsh, the overseas investment arm of ONGC, signed an MoU with Rosneft to raise its
stake in the Vankor field in Siberia to 26 per cent from the existing 15 per cent.
Another MoU was signed by IndianOil, Oil India and Bharat PetroResources with Rosneft to pick
up a 23.9 per cent stake in the same Vankor field.
This would raise India’s stake in the field to 49.9 per cent.
A sale purchase agreement was also signed between Rosneft and IndianOil, Oil India and Bharat
PetroResources to give the Indian companies a 29 per cent stake in the Taas-Yurikah fields in
Eastern Siberia.
An MoU was signed between IndianOil, Oil India and Rosneft in Russia last December.
However, the sale purchase agreement may see Bharat PetroResources join the deal.
Bharat PetroResources is the exploration and production arm of Bharat Petroleum Corporation
Ltd.
Rosneft’s Chief Executive Igor Sechin, who is visiting India, was also present during the occasion.
The Indian consortium of IndianOil, Oil India and Bharat PetroResources also signed an MoU to
acquire the Vankor clusters.
