ONGC set to buy into Siberian oil fields in billion-dollar deal

ONGCONGC: Russian President Vladimir Putin is due to fly to New Delhi next week to finalise a deal that will see India’s largest oil producer ONGC buy into two Siberian oil fields. In a deal that could be worth over $1bn. Rosneft is to offer ONGC’s investment arm OVL a 10% stake in the Vankor field with a shareholding in the Yurubcheno-Tokhomskoye gas field also on offer. Vankor is the largest Russian field to have been brought into production in the the last 25 years, with an estimated 500 million tonnes of oil and gas condensate. Another 10% was sold to China’s CNPC in September and ONGC has already invested more than $5bnin two other Russian oil and gas projects – Sakhalin 1 off the east coast and Imperial Energy Limited operation in Tomsk. India is the world’s fourth biggest consumer of oil and ONGC hopes to get 400,000 barrels per day of crude from its assets overseas by 2018.  The Siberian Times