India to Purchase 11% Stake From Rosneft

India to Purchase 11% Stake From RosneftIndia to Purchase 11% Stake From Rosneft

Indian energy giant ONGC expects to sign a deal with the Russian oil producer Rosneft by September to expand its share in the joint enterprise Vankorneft by 11%, the company's managing director, Narendra Verma, said on Friday. In 2015, ONGC bought a 15% stake in Vankorneft for $1.26 billion in a deal with Rosneft that provided for the subsequent enlargement of ONGC's share in the company to 26%, Sputnik reported. "We are trying to augment our 15% stake with 11% additional shares. So that process is ongoing. And we hope to conclude all these things by September 2016," Verma was quoted as saying by CNBC-TV18. Vankorneft, a joint enterprise co-owned by Rosneft and the Indian state, is responsible for developing Russia's Vankor Field, pumping over 60,000 tons of oil and natural gas liquids per day. In 2015, Vankorneft's production totaled 9.75 billion cubic meters of gas and 22 million tons of oil and NGL.