• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 3 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 9 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 2 days The Federal Reserve and Money...Aspects which are not widely known
  • 6 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 2 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 9 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 10 days Goldman Betting on Cryptocurrencies
  • 13 days Сryptocurrency predictions
Oil Futures Market Points To Sluggish Demand

Oil Futures Market Points To Sluggish Demand

The structure of the oil…

Oil Analysts Are More Divided Than Ever

Oil Analysts Are More Divided Than Ever

Oil analysts appear to be…

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

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

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