ONGC targets large Siberian oil asset

ONGC Videsh Ltd (OVL) is planning to acquire a 25 per cent stake in the Vankor oil field of Russia´s biggest oil company Rosneft.The Russian company had offered OVL a 10 per cent stake in the field, located in Siberia, after divesting a 10 per cent stake to CNPC of China for $1 bn. The field will reach peak output of 500,000 barrels per day (bpd), or 25 mn tonne a year in 2019. Contact: ONGC Videsh Ltd. Tel: 011-2373 0368.