11:56 GMT +323 July 2019
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    Rosneft Receives Base Payment of 72Bln Rubles From ONGC for 15% in Vankorneft

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    At the end of the first six months, Rosneft received 72 billion rubles for selling 15 per cent of Vankorneft to the Indian Oil and Natural Gas Corporation Videsh Limited, according to the Russian company's report with International Financial Reporting.

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    Moscow (Sputnik) — Earlier, ONGC acquired 15 per cent of Vankorneft for $1.26 billion, while its share in the project is planned to grow to 26 per cent.

    "As of June 30, 2016, we received a base payment of 72 billion rubles for the transaction. The conditions of the transaction also stipulate a final payment. As of the date of signing the current report, the parties have not yet come to an agreement on the final payment," Rosneft says.

    Apart from ONGC Videsh, the Indian companies Oil India, Indian Oil and Bharat Petro Resources will also become Vankorneft shareholders. On June 17, Rosneft signed a contract to sell 23.9 per cent of Vankorneft to them and a shareholders' agreement.

    Head of Rosneft Igor Sechin pointed out at the end of June that Rosneft had sold a stake in the Vankor Field to the Indian companies for over $2 billion. 

    In 2015, Vankorneft produced 9.75 billion cubic meters of gas and 22 million tonnes of oil and condensate. The company is the operator of the Vankor Field in the Krasnoyarsk Region, one of the largest fields Rosneft has, with a daily capacity of over 60,000 tonnes of oil and condensate. At the beginning of 2015, initial recoverable reserves were 476 million tonnes of oil and condensate and 173 billion cubic meters of gas. The company is also developing new Vankor cluster reserves, such as the Suzun, Tagul and Lodochnoye fields.

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    Tags:
    India's Oil and Natural Gas Corporation (ONGC), Vankorneft, Rosneft, Igor Sechin, Russia
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