OVL may acquire another 10% in Russia's second largest oilfield

ONGC Videsh Limited, the oversees arm of ONGC, has revealed its interest to buy another 10% stake in the Russia's second largest oilfield in Vankor, a Mint report has said.

The state-owned corporation has already acquired 15% stake in the Russian oilfields for Rs 8,933 crore, marking it as the fourth largest acquisition by ONGC. 
Rosneft, Russia's national oil company, holds 100% stake in Vankorneft. 

The current deal, if calculated on previous acquisition prices, will be valued at around $840 million (approximately Rs 5557.02 crore). The prices were negotiated between $60 and $70 per barrel in the 15% stake deal. 

Vankor accounts for 4% of Russian production, with production of  around 442,000 barrels per day.

With this deal OVL will have a total 25% stake in the oilfield, leaving Rosneft with 75% share from 100%. 

OVL currently has 36 projects in 17 countries from New Zealand to Colombia. 

Output from its fields is 167,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 647 million tonnes of oil equivalent.