India to Acquire 2 Russian Oilfields

India to Acquire 2 Russian OilfieldsIndia to Acquire 2 Russian Oilfields

The Indian government has approved another high value acquisition in Russian oil and gas fields. In a race to acquire more energy assets in Russia, India swiftly finalized the deal. “The government approved a consortium comprising Oil India Limited, Indian Oil Corporation Limited and Bharat Petro Resources Limited for acquiring a 23.9% stake in JSC Vankorneft and 29.9% stake in LLC Taas-Yuryakh from Rosneft Oil Company. The consortium will be paying $2,020.3 million for acquiring stakes in Vankorneft and $1,242 million for acquiring stakes in Taas-Yuryakh,” a statement released by the Indian government read, Sputnik reported. The Indian consortium will receive 6.56 billion liters of oil from Vankorneft while 1.5 billion liters oil would be received from Taas-Yuryakh by 2019. Russian oil major Rosneft operates Vankor and Tass-Yuryakh fields are its wholly-owned subsidiaries. The government stated that the acquisition is in line with India’s stated objective of adding high quality international assets to its exploration and production portfolio and thereby augmenting India's energy security.