The Cabinet Committee on Economic Affairs, chaired by Hon’ble Prime Minister Shri Narendra Modi, has given its approval to an Indian Consortium of Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat Petro Resources Limited (BPRL) for acquiring 23.9 percent stake in JSC Vankorneft and 29.9 percent stake in LLC Taas-Yuryakh from Rosneft, the national Oil Company of Russia.
The acquisition of stake in Vankorneft will provide 6.56 Million Metric Ton of Oil Equivalent (MMTOE) and 0.5 MMTOE initially and 1.5 MMTOE by 2019 in Taas – Yuryaakh. The acquisition is in line with India’s stated objective of adding high quality international assets to its Exploration & Production sector, thus augmenting India's energy security.
The acquisition will add 8.06 MMTOE to India's overseas oil and gas asset. It will also provide an opportunity to Indian public sector Oil and Gas companies to absorb newer technologies with Rosneft, Russia.