MUMBAI: State-run HPCL is believed to have thrown in its hat to buy stake in Russia’s Vankor Cluster oil fields in the Arctic region.
Already, ONGC Videsh Ltd, signed an MoU to explore buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields – collectively known as Vankor Cluster. Later, Indian Oil Corporation (IOC), Oil India (OIL) and Bharat Petro Resources (BPRL), a unit of Bharat Petroleum Corporation, too evinced interest.
Vankorneft, a subsidiary of Rosneft, is developing the cluster situated in eastern Siberia.
The reserves of Suzunskoye field exceed 56 million tonnes of oil and condensate and 35 billion cubic metres of gas.
Last year, OVL first acquired 15 per cent in Russia’s second biggest oil field of Vankor for $1.27 billion and then bought another 11 per cent for $930 million.
The consortium of OIL-IOC-BPRL acquired 23.9 per cent stake in the field at a cost of $2.02 billion, giving them 6.56 million tonnes of oil. Rosneft continues to hold the remaining 50.1 per cent shares of JSC Vankorneft.
Besides, the OIL-IOC-BPRL consortium has taken another 29.9 per cent stake in a separate Taas-Yuryakh oil field in East Serbia for $1.12 billion. The investments have taken the total outlay in Russia this year to $5.46 billion.
The proposed investments will give India 15.18 mt of oil equivalent, compared to $28.48 billion investment by Indian companies overseas in the past 50 years, leading to about 10 million tonnes of oil equivalent.