Deals
ONGC Said to Seek $900 Million Stake in Rosneft Vankor Field
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Oil & Natural Gas Corp. is seeking through its overseas unit to buy a stake in Russia’s second-largest oil producing development from OAO Rosneft, according to two people with direct knowledge of the plan.
ONGC Videsh Ltd. is in discussions to purchase a share of the Vankor oil field in East Siberia, said the people, who asked not to be identified because discussions are ongoing. The New Delhi-based company is seeking to pay $900 million for the stake, which will secure about 3.5 million metric tons of oil a year (about 70,290 barrels a day), and expects to sign a deal as early as next month, one of the people said.