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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
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U.S. SECURITIES OUTFLOW $29.1 BLN

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ONGC BUYS VANKOR
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

ONGC BUYS VANKOR
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GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

ONGC BUYS VANKOR
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

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