India’s biggest oil explorer ONGC will buy 15 per cent stake in Russia’s second biggest oil field Vankor in a transaction estimated to cost up to $1.3 billion.
This is the fourth largest overseas acquisition by ONGC. The company expects to get over three million tonnes of oil from the field in a year. Vankor is Rosneft’s (and Russia’s) second largest field by production and accounts for four per cent of Russian production. The daily production from the field is around 442,000 bpd of crude oil on an average with ONGC Videsh’s share of daily oil production at about 66,000 bpd.
