India’s Petroleum Minister, Dharmendra Pradhan, along with top executives of State-owned Indian Oil Corporation (IOC), Oil India (OIL) and Bharat PetroResources (BPRL), are planning to visit Moscow in the last week of June to ink a ‘final acquisition agreements’ with Russia’s Rosneft worth $3-3.5b in two separate oil and gas fields in Siberia, The Financial Express reported.
New Delhi’s interest in increasing economic cooperation with Kremlin was reflected in several rounds of talks between Prime Minister, Narendra Modi, and Russian President, Vladimir Putin.
An official working on the agreements said the first deal where IOC, OIL and BPRL are picking up 29.9% in Rosneft-operated Taas-Yuryakh oil and gas fields in East Siberia has been finalised. In addition, the last minute documentations are underway for acquisition of 23.9% stake in Vankorneft (that runs the Vankor oil field in East Siberia). The field currently produces 20,000bop/d with peak production of 100,000bop/d expected by 2021, an Indian Oil statement said according to LiveMint.