ONGC Acquires Stake In Russia's Vankor Oil Field

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Government owned Oil and Natural Gas Corp (ONGC) has acquired a 15 per cent stake in Russia's second- largest oil field from Rosneft for about $1.35 billion, reports have stated.

ONGC Acquires Stake In Russia's Vankor Oil Field
These report say that ONGC Videsh Ltd signed agreements in Moscow to buy 15% stake in the Vankor oil field in East Siberia.

The move may be a clever one by ONGC given the fact that oil asset prices maybe lucrative given the falling prices of crude oil.

The shares of ONGC were down almost 2 per cent despite the deal on a sharp drop in the indices.

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Story first published: Friday, September 4, 2015, 13:13 [IST]
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