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2016-09-15 18:35:00

ONGC BUYS VANKOR

ONGC BUYS VANKOR

 

VANKOP OIL FIELD MAP

 

According to TOGY, ONGC Videsh, the international arm of India's Oil and Natural Gas Corporation (ONGC), signed an agreement with Russia's Rosneft to acquire an additional 11% in Vankorneft, the state-run firm announced yesterday.

Vankorneft is the operating company of the Vankor oil and gas condensate field and the North Vankor licence, in East Siberia, Russia. This acquisition will increase ONGC Videsh's stake in the company to 26%. The company had previously acquired 15% in the project in May this year for USD 1.27 billion. The new transaction is expected to close by the end of the year.

Vankor is Russia and Rosneft's second largest producing oilfield, pumping about 421,000 bopd and representing about 4% of the country's total production. ONGC's share of the field's production will therefore increase to around 110,000 bopd once the acquisition is completed.

This new acquisition is in line with ONGC's objective of meeting growing energy needs in India, as domestic consumption of oil and gas is expected to skyrocket in the coming years on the back of strong economic growth. India consumed 4.159 million bopd in 2015, making the country the world's third largest oil consumer.

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Earlier: 

INDIA'S OIL CONSUMPTION UP TO 10.9% 

INDIA'S HIGH GROWTH 

ROSNEFT SOLD VANKOR 

INDIAN - RUSSIAN ADVANTAGES 

ROSNEFT SOLD 15%

 

 

 

Tags: RUSSUA, INDIA, ONGC, VIDESH, VANKOR

Chronicle:

ONGC BUYS VANKOR
November, 20, 09:05:00

INDIA'S GAS WILL UP

REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.

ONGC BUYS VANKOR
November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

ONGC BUYS VANKOR
November, 20, 08:55:00

OIL PRICES UP

WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.

ONGC BUYS VANKOR
November, 20, 08:50:00

U.S. RIGS UP 8 TO 915

U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.

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