OVL buys 15% stake in Russia's Vankor oil field for $1.25 billion - ONGC Videsh Ltd (OVL) has bought a 15 per cent stake in Russia's second largest oil field from Rosneft for about Rs 8,932.95 crore.
OVL signed agreements in Moscow to buy stake in the Vankor oil field in East Siberia.
According to the agreement, OVL will get two seats on the Board of Directors of Vankorneft - a Rosneft subsidiary that operates the Vankor field.
Rosneft will retain full control of infrastructure of the Vankor cluster and the 15 percent stake will give OVL about 3.5 million metric tons of oil a year.
It must be noted that OVL already has a 20 percent stake in the Sakhalin-1 oil and gas field off Russia's far eastern coast and owns Imperial Energy which has oil and gas fields in Siberia.