India’s state-owned Oil & Natural Gas Corp (ONGC) is planning to pay US $900m to buy a stake in Rosneft’s Vankor oil field in East Siberia, Russia, according to reports. If successful ONGC will secure around 25.66m bbl of oil a year (70,288 b/d), and expects to sign a deal as early as next month, Bloomberg reported. Vankor, which started production in 2009, is one of the largest oil fields in Russia, with recoverable reserves estimated at around 3.67 Bn bbl.
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