Indian oil firms sign deal to buy shares in Russia’s Taas-Yuriakh in East Siberia
Multilateral trade deal signed to secure 29.9% shares in Taas-Yuriakh, Russia in East SiberiaWith an aim to acquire 29.9% shares in Russia’s Taas-Yuriakh in East Siberia, various large oil companies from India signed a contract on Wednesday.
Bharat Petroleum Corporation limited (BPCL) and its production and exploration arm, as well as Oil India Ltd. (OIL) and Indian Oil Corporation Ltd. (IOCL) signed a definitive contract with Rosneft, a national oil company of Russia.
OIL, IOCL and BPRL also signed a contract with Rosneft and an MoU for a possible stake in the Vankor cluster field.
TYNGD is currently producing around 20,000 bopd, which is expected to be ramped up to about 100,000 bopd by the year 2021. Indian firms also signed a deal to acquire 23.9% stakes in the Vankor field in Russia.
In addition, the Oil India Ltd. signed a head of agreement (HoA) for evaluation of 23.9% share in CJSC Vankorneft, a consortium of Rosneft.
CJCS Vankorneft is a company organised under the laws of Russian Federation and is the owner of onshore Vankor field and North Vankor license in East Siberia.
March 16, 2016 | 06:40pm IST
to success.