• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours U.S. Presidential Elections Status - Electoral Votes
  • 2 days Evergrande is going Belly Up.
  • 8 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 17 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Poland Expands LNG Powered Trucking and Fueling Stations
  • 2 days World’s Biggest Battery In California Overheats, Shuts Down
  • 16 hours The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 3 hours Ten Years of Plunging Solar Prices
  • 6 hours Extraction of gasoline from crude oil.
  • 3 days The coming Cyber Attack
  • 3 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 3 days Ozone layer destruction driving global warming
  • 3 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
Get Ready For The Energy Price Shock

Get Ready For The Energy Price Shock

Natural gas supply concerns continue…

India Okays Purchase Of $3.2B Stake In Russian Oil Fields

India’s government approved on Wednesday two stake purchases by a consortium of Indian companies of Russian oil fields worth a combined US$3.2 billion.

The Indian cabinet gave the green light to the consortium comprised of Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL), and Bharat Petro Resources Limited (BPRL) to buy 23.9 percent in JSC Vankorneft and 29.9 percent in LLC Taas-Yuryakh, the companies running the Vankor and Taas-Yuryakh fields, respectively.

The Indian companies will be paying US$2 billion for the Vankorneft stake and another US$1.2 billion for the Taas-Yuryakh shares.

The acquisitions will boost India’s oil supplies, which is in line with its goal of adding high-quality international assets to its Exploration & Production (E&P) portfolio in order to increase its energy security, the government said in its statement.

In March of this year, Rosneft had signed a legally binding share sale agreement with the Indian companies for the Taas-Yuryakh oil field. A few months later, in June, the Russian company entered into an agreement with the three Indian firms for the Vankor field development.

Just a month before that, Indian state oil company ONGC had agreed in May to buy 15 percent in Vankor. ONGC has since raised US$1 billion in proceeds from two bond issues, which will be used to refinance a loan, taken out to fund the acquisition of the Vankor stake.

Related: Tesla’s Model 3 Could Take 300,000 Bpd Off U.S. Gasoline Demand

According to Rosneft estimates, the recoverable resources of the Vankor field as of January 1, 2016, stood at 361 million tons of oil and condensate and 138 bcm of gas. The Vankor field produced 22 million tons of oil and 8.71 bcm of gas last year.

While Indian oil companies are buying into Rosneft’s Russian fields, Rosneft itself has been seeking the acquisition of 49 percent in India’s Essar Oil, but the deal is not yet sealed, and it is said that it may face U.S. scrutiny over the western sanctions against some Russian companies.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News