Report: India’s ONGC may buy 49% in Tagulskoye field of Russia’s Rosneft

MOSCOW, Aug 1 (PRIME) -- India’s ONGC Videsh Ltd is considering buying a 49% stake in the Tagulskoye oil and gas field from Russian oil major Rosneft, Indian news agency InfraCircle reported citing sources on Monday.

Earlier Rosneft announced plans to sell 49% in the Tagulskoye field.

Recoverable resources of the Tagulskoye field, a part of the Vankor oil and gas cluster, are estimated at 286 million tonnes of oil and condensate and 228 billion cubic meters of gas.

ONGC earlier bought 15% in Rosneft’s subsidiary RN-Vankor, which operates the Vankor oil field, from Rosneft for U.S. $1.26 billion. An increase of its stake to 26% is envisaged by the agreement.

ONGC’s Managing Director Narendra Verma said earlier in July that the Indian company plans to close a deal to acquire an additional 11% stake in RN-Vankor by September.

In June, a consortium of Indian companies Oil India, Indian Oil Corporation (IOC) and Bharat Petro Resourses Ltd (BPRL) signed an agreement to buy a 23.9% stake in RN-Vankor.

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