NEW DELHI: ONGC Videsh Ltd is in converses with a Russian oil corporation to get stake in two Siberian oil sectors, oil minister Dharmendra Pradhan said the Rajya Sabha on Wednesday in a written respond.
Though the minister did not provide details of the fields, sources told the converses were on for stake in Vankor and Yurubcheno-Tokhomskoye fields. A contract for the stake was anticipated to be signed throughout the December meeting of Russian President Vladmir Putin but that did not happen because of differences between the two sides.
Russia’s leading oil corporation Rosneft had offered to vend 10% bet in the Vankor oilfield in Siberia to OVL. Rosneft had in September previous year sold a 10% stake in Vankor to China’s CNPC for about $1 billion.
Vankor is the biggest field to have been discovered as well as brought into manufacture in Russia in the previous 25 years. From January 1, 2014, the first recoverable reserves in the Vankor field are projected at 500 million tonnes of oil and condensate, in addition to 182 billion cubic meters of gas.
Besides Vankor, Rosneft has also made an offer to OVL for combined expansion of Yurubcheno-Tokhomskoye oilfield in eastern Siberia. The field is projected to hold 991 million barrels of oil equivalent reserves and is intended to establish manufacture in 2017. Yurubcheno-Tokhomskoye will reach a manufacture plateau of up to 5 million tonnes a year (100,000 bpd) in 2019.
OVL is interested in expanding its existence in Russia as part of plans to source one million barrels for each day of oil and oil-equivalent gas from the nation. It has a 20% bet in Sakhalin-1 oil as well as gas field in Far East Russia and in 2009 obtained Imperial Energy, which has fields in Tomsk area, for $2.1 billion.
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