The amount India's public sector oil companies led by India's public sector oil companies led by Oil and Natural Gas Corporation's (ONGC) foreign arm ONGC Videsh Limited (OVL) will pay to buy stakes in two lucrative Russian oilfields (Tass-Yuryakh and Vankor) in Siberia.
Stake Indian companies will hold in Rosneft's Vankor project, once the deals go through. Acquisition is subject to relevant Board, government and regulatory approvals and expected to close by September 2016. Rosneft is the world's top listed oil producer by output.
12 million tonnes
The amount of oil Indian public sector oil companies are expected to get access to in a year once they complete acquisition from Vankor which has recoverable reserves of 2.5 billion barrels.
Tass-Yuryakh oilfield currently produces these many barrels of oil per day (bopd) with peak production of 100,000 bopd expected by 2021.