• Home
  • News
  • Rosneft and ONGC signed an agreement of sale and purchase of 11% in Vankorneft
  • 2016 September 15 14:49

    Rosneft and ONGC signed an agreement of sale and purchase of 11% in Vankorneft

    Rosneft and Indian ONGC Videsh Limited have signed the agreement of sale and purchase of 11% in Vankorneft and shareholders agreement in regard of the enterprise management, says Rosneft. The documents were signed during the meeting of Rosneft Chief Executive Officer Igor Sechin and ONGC Videsh Limited Managing Director Narendra Verma.

    Parties intend to complete the transaction upon getting necessary regulatory and other approvals.

    After the closing of the transaction ONGC will raise its participation share in Vankorneft to 26%. Consequently the share of Indian state companies may increase to 49.9%. Rosneft will hold the majority in the project, retain the control over the operations of the named company and over 100% of the cluster’s infrastructure (including the Vankor-Purpe pipeline), which was spin-off into the RN-Vankor LLC.

    The implementation of the signed agreements together with the currently ongoing transaction for the purchase of a 23.9% share in Vankorneft by a consortium of Indian investor (Oil India, Indian Oil и Bharat PetroResources) will allow creating a unique consortium on the basis of the Vankor project.

    Commenting on the signed documents Igor Sechin said: “We are grateful to our Indian colleagues for the comprehensive approach to the implementation of such a complex structured transaction. A year ago during the Eastern Economic Forum we signed the agreement of sale and purchase of 15% in Vankorneft, today we sign the documents aimed at increasing ONGC’s share in this asset. I am sure, this reflects the level and quality of our cooperation, and I hope will lay the basis for a further development of the business dialogue between the companies.”

    September, 4, 2015 Rosneft and Indian ONGC Videsh Limited during the Eastern Economic Forum signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the enterprise management. The document was signed by Rosneft Chief Executive Officer Igor Sechin and Managing Director of ONGC Videsh Limited Narendra Verma. Since the signing the parties operated with the scope of obtaining the necessary approvals.

    May, 31 2016 Rosneft Oill Company and ONGC Videsh Limited have closed the transaction of selling 15% shares in Vankorneft JSC to an Indian company. The achieved evaluation of Vankor Project is USD 3.3 per barrel of hydrocarbon reserves (in terms of 2P category using PRMS method) and reflects high potential of the project’s resource base. With account for the achieved evaluation coefficients, the design value of hydrocarbon reserves of Rosneft exceeds current market capitalization of the Company more than twice.

    Vankorneft, Rosneft subsidiary, was established in 2004 for development of Vankor oil and gas condensate field – the largest of the fields, discovered and put into operation in Russia in the last 25 years. The field is situated in the Turukhansky district of Krasnoyarsk Territory, 142 km away from the city of Igarka.

    Recoverable resources of the Vankor field as of 01.01.2016 stood at 361 mln t of oil and condensate and 138 bcm of gas.

    In 2015 Vankor produced 22 mln tons of oil and 8.71 BCM of gas. Thanks to implemented technological solutions, oil recovery factor at Vankor is one of the highest in Russia. The field is drilled with the inclined- and production- injection wells with horizontal ending which provides high well flow rates. The process of oil production is fully automated.




2021 November 27

14:38 Liquid Wind secures SEK 151 million for production of fossil free fuel
13:21 TECO 2030 receives NOK 50 million in government support for fuel cell development
11:09 Inmarsat offers future-proof remote control connectivity for latest sea-kit uncrewed surface vessel trials
10:54 J.P. Morgan and Havfram AS announce a series of next generation wind turbine installation vessels

2021 November 26

18:17 TECO 2030 is leading a project group that will build a hydrogen-powered high-speed vessel for the Port of Narvik
18:00 TransContainer’s IFRS-based net profit in 9M'2021 increased by 51% to RUB 14.8 bln
17:35 Royal Niestern Sander signs contract for walk to work vessel conversion
17:26 PortNews offers final edition of its magazine for 2021
17:15 Konecranes and Cargotec note CMA’s announced Provisional Findings regarding the planned merger of Konecranes and Cargotec
17:03 IMO appoints Special Advisor on Maritime Security
16:55 Nord Stream 2 delay weighs on gas prices - Gasum
16:40 Nevsky Shipyard lays down two research vessels of Project 17050
16:25 BIMCO calls for continued naval support in Gulf of Guinea after piracy incident
16:05 Alfa Laval and Orcan Energy sign a cooperation agreement for the marine market
15:43 Wärtsilä launches power limitation solutions for EEXI compliance
15:25 Hiab launches HIAB iQ.1188 HiPro loader crane with new control system
14:47 RF Government approves Transport Strategy of Russia until 2030 with forecast until 2035
13:59 Sredne-Nevsky Shipyard launches Anatoly Shlemov minesweeper of Project 12700
13:11 The Port of València hosts a rescue drill for a crane operator
12:10 GTT obtains tank design order for three new LNG Carriers from Hyundai Heavy Industries and Hyundai Samho Heavy Industries
11:54 Phase 2 of Bagayevsky hydrosystem construction begins
11:52 Ardmore moderates COP26 ‘ShipZero’ panels, discussing the realities of zero emission ships
11:17 ClassNK signs MOU on cybersecurity with Panama Maritime Authority (PMA)
10:51 MSC starts new In-Transit Cargo service
10:32 MABUX: Global bunker market to keep slight irregular fluctuations with no firm trend on Nov 26
10:22 Oboronlogistics' Ambal ferry obtaines certificate on safety management from RS
09:48 MPA and maritime partners maintain cybersecurity readiness through inaugural exercise
09:33 Baltic Dry Index as of November 25
09:17 Oil prices decrease on concerns over reduction of demand

2021 November 25

18:06 Rolls-Royce and Zhenjiang Shipyard to jointly promote tugs and workboats with mtu engines in China
17:44 Delo Group presented own Digitalization Strategy
17:16 Keppel awarded FSRU conversion and FPSO integration work worth around S$200 million
16:25 Cargo traffic within Azov-Don Basin of Russia’s IWWs fell by 14% in 2021
16:03 Great Lakes Dredge & Dock announces receipt of $92.5 mln Houston Ship Channel widening and improvement project 11 award
15:59 Damen Shipyards achieves official EU Stage V certification for its Emission Reduction system
15:30 RF State Duma ratifies Nairobi Wreck Removal Convention, 2007
15:02 Navigator Holdings announces approval in principle for new CO2 carrier designs for its Dan-Unity CO2 joint venture with Evergas
14:59 RINA, ABB, Helbio, the Liberian Registry, Wärtsilä and an Energy Major enter in proposal with hydrogen as fuel to meet IMO2050 targets
14:44 Rosterminalugol shipped 21 million tonnes of export coal over 10M’2021
14:21 BAE Systems launches next-generation power and propulsion system to help marine operators reach zero emissions
13:55 MABUX: Bunker Weekly Outlook, Week 47, 2021
13:12 Kongsberg Maritime and Norsepower MoU agreement facilitates Rotor Sail integration for shipowners
12:31 Sea Port of Saint-Petersburg allocated over RUB 21 million for implementation of its environmental programme
12:06 Port of Kiel describes path to climate neutrality by 2030
11:06 Third Finnlines hybrid ro-ro launched in China Merchants Jinling Shipyard
10:35 Mitsubishi Heavy Industries receives a major turbomachinery order for Ust-Luga LNG export plant
10:31 MABUX: Bunker prices may demonstrate slight upward changes on Nov 25
10:30 Navigation season closed on Volga-Baltic Waterways
10:06 Port of Long Beach named the best West Coast Seaport in North America
09:41 Oil market sees mixed price movements
09:22 Baltic Dry Index as of November 24
09:08 The second of Damen’s new Shoalbuster 2711 class handed over to Ports of Jersey in christening ceremony
08:16 Port of Los Angeles issues zero-emissions truck request for proposals
06:00 Stockholm fairway smart buoy powered by solar energy

2021 November 24

18:35 Wan Hai Lines awarded “Container Shipping Line of The Year India-Far East Trade Lane”
17:33 Volga Shipping's freight transported this year’s inland shipping season reached 8.2 million tonnes
17:25 Bahri bags four prestigious awards
17:09 Langh Ship and Outokumpu deepen the cooperation by starting a newbuilding project
16:35 Equinor signs four new contracts with Aibel
16:15 Austal USA awarded US$72.5 mln contract to maintain LCS deployed in Western Pacific