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OVL completes acquisition of additional 11% stake in Vankor Oilfield

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, has completed the acquisition of additional 11% interest in Russia’s Vankor oilfield.
●    Now its total stake is 26%.
●    The company signed a deal with Rosneft Oil Company to acquire additional 11% stake in the East Siberian field for $930 million on 28 October.
●    OVL, which had previously bought 15% stake in Vankor from Russian national oil firm Rosneft for $1.268 billion, will get an 7.3 million tonnes of oil from its 26% stake. 
●    The $2.2 billion OVL spent for acquiring 26% stake in Vankor will be its third biggest acquisition.
 

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