Report: India’s ONGC in talks to buy Russia Rosneft’s field stake

MOSCOW, Aug 13 (PRIME) -- India’s ONGC Videsh Ltd is negotiating with Russian oil company Rosneft an acquisition of a stake in the Vankor field in East Siberia for U.S. $900 million hopes to sign the deal in September, Bloomberg reported Thursday, citing sources with knowledge of the situation.

Vankor’s reserves are estimated at 524 million tonnes of oil and gas condensate. ONGC could receive 3.5 million tonnes of oil annually if it acquires the stake.

In November 2014, Rosneft signed a framework agreement with China’s CNPC on acquisition of a 10% stake in Vankorneft, an operator of Vankor development by China National Oil and Gas Exploration and Development from Rosneft.

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