ONGC Videsh to buy stake in two Siberian oilfields

ONGC Videsh Ltd (OVL) is planning to acquire stakes in two Russian oilfields - Vankor and Yurubcheno-Tokhomskoye. The Russian state-owned oil exploration company Rosneft had, in October, made a formal offer to OVL to sell 10 per cent of its stake in the Vankor cluster in northern Siberia, the largest discovered field in Russia with estimated reserves of 500 mn tonne of oil and 182 bn cu m of gas. The company holds 20 per cent stake in the Sakhalin-1 oil and gas field in eastern Russia. Contact: ONGC Videsh Ltd. Tel: 011-2373 0368. Fax: 011-2373 0369. Website: www.ongcvidesh.com