Oil India (OIL) 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. OIL, Indian Oil Corporation (IOC) and Bharat PetroResources, a unit of Bharat Petroleum Corporation (BPCL) is looking at buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields – collectively known as Vankor Cluster. ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is also interested in the fields.
Rosneft, Russia’s national oil 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.
Oil India, a Navratna Company, is Asia’s oldest and biggest pioneer oil exploration and Production Company, while IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.