Rosneft Sells 15% Stake in Vankorneft to ONGC Videsh

Russia's Rosneft announced Friday that it has signed an agreement to sell 15 percent interest in Vankorneft, the developer of the Vankor oil and gas condensate field in Turukhansky distrcit of Krasnoyak Territory in Russia, to India's ONGC Videsh Limited.

Both companies planned to close the deal after getting the necessary regulatory and other approvals following the signing of the agreement by the Chairman of Rosneft Management Board Igor Sechin and Managing Director of ONGC Videsh Narendra Verma.

Upon completion of the deal, ONGC Videsh will have two seats in the Board of Directors of Vankorneft. Rosneft will however keep 100 percent control of the general infrastructure of Vankor cluster, including oil pipeline Vankor-Purpe. The Russian firm will also create an operator company that will allow more efficient management of both Vankor field and other Company’s licenses in this region.

“Collaboration within such a large-scale project will allow getting on the brand new level of the strategic cooperation between Rosneft and ONGC. This will give an impulse to development of our partnership, probably in the other large-scale oil and gas upstream projects in the region. Such a short term between reaching the agreements and signing the document testifies the high level of credibility between us and the Indian partners which guarantees efficient joint work,” Igor Sechin said in the press release.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)
 -  Mangala Field Hits 300 Million Barrels... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours