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Indian Oil Corp. and partners in talks to buy stake in Russia's Vankor oilfield

IOC and its partners are in talks to buy 49% stake in Russia's Vankor cluster.

Indian Oil Corp. and partners in talks to buy stake in Russia's Vankor oilfield

State-owned Indian Oil Corp (IOC) and its partners are in talks to buy 49 % stake in Russia's Vankor cluster oilfields to consolidate their presence in the energy-rich Arctic region.

IOC, Oil India Ltd and Bharat PetroResources Ltd is looking at buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields -collectively known as Vankor Cluster, sources privy to the development said.

ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is also interested in the fields.

Rosneft, Russia's company that owns the fields, wants to retain a majority stake and is keen to sell only up to 49 % stake.

In case OVL is accommodated, the entire 49 % stake would have to be split between the Indian companies.

OVL may possibly take 26% in proportion of the stake it bought in the main Vankor oilfield.

OIL-IOC-BPRL may take 23.9 % stake in line with its holding in the main Vankor field.

Vankorneft, a subsidiary of Rosneft, is developing the Vankor oil and gas condensate field, situated in the northern part of Eastern Siberia.

In 2013, Vankorneft was chosen as an operator on development of new fields of Vankor cluster - Suzunskoye, Tagulskoye and Lodochnoye fields, located close to the Vankor field.

Last year, OVL 1st acquired 15 % stake in Russia's 2nd biggest oilfield of Vankor for $1.268 billion and then bought another 11 % for $930 million.

The 26 % stake would give OVL 7.31 million tonnes of oil.

The consortium of OIL-IOC-BPRL acquired 23.9 % stake in the field at a cost of $2.02 billion, giving them 6.56 million tonnes of oil.

Rosneft continues to hold the remaining 50.1 % shares of JSC Vankorneft.

Besides, the OIL-IOC-BPRL consortium has taken another 29.9 % stake in a separate Taas-Yuryakh oilfield in East Siberia for $1.12 billion.

The investments have taken the total outlay in Russia this year to $5.46 billion.

These investments will give India 15.18 million tonnes of oil equivalent.

The investment made compares to $28.48 billion investment by Indian companies overseas in the past 50 years, giving it about 10 million tonnes of oil equivalent.

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