ONGC Videsh, alongwith with other public sector oil companies, has entered into an agreement to buy 49.5 percent stake in Russian oil firm Rosneft’s Vankorneft. The company has closed a deal to acquire 15 percent stake, says Narendra K Verma, MD & CEO of ONGC Videsh. Share purchase agreement (SPA) has been signed to acquire another 23.9 percent by a consortium led by Oil India , Indian Oil Corporation and Bharat PetroResources Limited (BPRL). “We are trying to augment our 15 percent stake with additional 11 percent,” says Verma adding that he is hopeful of closing the deal by September this year. Last year, ONGC Videsh produced 8.9 MMT, which is equivalent to 178 thousand barrels per day. In current fiscal, the company is aiming for 12 MMT production. Oil at higher level, close to USD 60 a barrel, will boost revenues. Verma is hopeful of doubling the production by 2018
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