Cabinet approves part-acquisition of Russian fields

The Cabinet Committee on Economic Affairs has given approval to an Indian Consortium comprising Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) to acquire a 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Russia’s national oil company, the Rosneft,.
The acquisition of stakes in Vankorneft will provide India with 6.56 million tonnes of oil equivalent (MMTOE) and Taas – Yuryaakh 1.5 MMTOE by 2019. The acquisition is in line with India’s stated objective of adding high quality international assets to its Exploration & Production sector, thus augmenting the country’s energy security.
The acquisition will add 8.06 MMTOE to India’s overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to induct Rosnef’s latest technologies in their exploration and production techniques.