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News Brief | January 2015

ONGC Videsh might soon buy stake in 2 Siberian oilfields

Videsh Ltd (OVL), foreign arm of government-owned Oil and Natural Gas Corporation (ONGC), is likely to soon acquire stakes in two Russian oilfields, Vankor and Yurubcheno-Tokhomskoye.
Russian state-owned oil exploration company Rosneft had, in October, made a formal offer to OVL to sell 10 per cent of its stake in the Vankor cluster in northern Siberia, the largest discovered field in Russia with estimated reserves of 500 million tonnes (mt) of oil and 182 billion cubic metres of gas.
Such a deal would strengthen OVL´s presence in Russia. The company holds 20 per cent stake in the Sakhalin-1 oil and gas field in eastern Russia. It had also acquired the Siberian fields of Imperial Energy for $2.1 bn in 2009.
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