00:46 GMT +322 July 2019
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    Well-battery site of the Vankorneft private company's Vankorsky oil deposit.

    Indian Gov't Approves Purchase of 11% of Russia's Vankorneft by ONGC Company

    © Sputnik / Vladimir Vyatkin
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    The Indian government approved a deal on purchasing an 11-percent share in Russia's oil company Vankorneft by India's Oil and Natural Gas Corporation (ONGC), a spokesman for the Indian government said Wednesday.

    NEW DELHI (Sputnik) — In July, the ONGC's managing director said that the company wanted to buy 11 percent in Vankorneft, increasing its share in the company up to 26 percent. In September, Russia's energy giant Rosneft said that it could sell 11 percent in Vankorneft, which is the company's subsidiary, to its Indian partner.

    ​He added that the deal was in line with the ONGC's goal to add high-quality assets abroad and to enhance India's energy security.

    Vankorneft, a joint enterprise co-owned by Rosneft and Indian investors, is responsible for developing Russia's Vankor Field, pumping over 60,000 metric tons of oil and natural gas liquids (NGL) per day. In 2015, Vankorneft's production totaled 8.71 billion cubic meters of gas and 22 million tons of oil.

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    Vankorneft, India's Oil and Natural Gas Corporation (ONGC), Frank Noronha, India, Russia
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