• 5 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 10 minutes Venezuela continues to sink in misery
  • 13 minutes U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 16 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 3 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 9 hours $867 billion farm bill passed
  • 9 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 9 hours Has Global Peak Diesel Arrived?
  • 1 day OPEC Cuts Deep to Save Cartel
  • 1 day Sleeping Hydrocarbon Giant
  • 1 hour What will the future hold for nations dependent on high oil prices.
  • 1 hour Air-to-Fuels Energy and Cost Calculation
  • 22 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 1 day And the War on LNG is Now On
  • 1 day Global Economy-Bad Days Are coming
  • 1 day Could Tesla Buy GM?
Permian Oil Reserves May Be Twice As Big As We Thought

Permian Oil Reserves May Be Twice As Big As We Thought

The U.S. Geological Survey has…

One Houston Gas Player Is Changing The LNG Business Forever

One Houston Gas Player Is Changing The LNG Business Forever

Houston-based Tellurian Inc. has announced…

India’s ONGC Issues US$1B Bonds To Buy Stake In Russian Oil Field

Rosneft Siberia

India’s state oil company ONGC has collected US$1 billion in proceeds from two bond issues, which will be used to refinance a loan, taken out to fund the acquisition of a stake in the giant Vankor field in Russia, the company said in a regulatory filing.

Over half of the sum, US$600 million, was raised through a 10-year bond that carries a coupon of 3.75 percent, and the remainder came from a five and a half-year issue with a coupon of 2.875 percent.

The company will buy 15 percent in Vankor through its overseas operations arm ONGC Videsh. It will join another three local sector players as owners of a combined stake of 49.9 percent in Vankor – Bharat Petroleum, Indian Oil Corp, and Oil India. ONGC’s share is 15 percent.

ONGC was the first Indian company to sign an agreement with Rosneft to buy into Vankor. The other three joined the party last month, when they signed a sales purchase agreement with the Russian side for the acquisition of 23.9 percent in the field. The four Indian companies will also buy a 29.9 percent interest in another Rosneft field, Tass-Yurakh. The total value of the two deals will come in at US$5.4 billion.

Vankor is the second-biggest oil field in Russia, with recoverable reserves estimated as of early 2015 at 476 million tonnes of crude and 173 billion cu m of natural gas. The unit developing the field is Vankorneft, which Rosneft owned 100 percent before striking the deal with the Indian companies. Based on 2015 production figures – 22 million tonnes of crude and condensate – ONGC will get around 3.3 million tons annually from its 15 percent holding.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News