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Indian Oil Corp, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy a 29.9 per cent stake in the Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9 per cent in Vankor oilfield for $2.02 billion.
The Cabinet Committee on Economic Affairs (CCEA), headed by the Prime Minister, approved the consortium buying 29.9 per cent stake in Taas-Yuryakh Neftegazodobycha LLC, which holds and operates two licences for the Srednebotuobinskoye oil and gas condensate field, one of the largest in the East Siberia. The stake is being acquired from LLC RN-Razvedka I Dobycha (RN Upstream), a wholly-owned subsidiary of Rosneft, Russian state firm, officials said. Officials said the Vankor asset has been valued at $8.45 billion as on May 31, 2015, on zero debt and working capital basis for arriving at the acquisition price.