Rosneft closed the deal to sell 15% “Vankorneft” India’s ONGC for $1.27 billion

Rosneft and ONGC Videsh Limited closed the sale of 15% shares of JSC “Vankorneft” company from India. This deal testifies to the possibility of more than two-fold revaluation of the portfolio of projects of “Rosneft”, said the Russian company.

The base price of the transaction is $1.27 billion (about 83 billion rubles).

“The completed transaction is a milestone for both companies and marks the transition to a new level of cooperation in Russian-Indian relations in the energy sector. ONGC receives a significant share and the related rights in one of the most ambitious projects of “Rosneft” for the last decade, while Rosneft retains key stakes in the project, and will implement its activities through the company-operator “RN-Vankor”. Achieved assessment of the Vankor project is 3.4 dollars per barrel hydrocarbon reserves (2P PRMS methodology) and reflects the high potential of the resource base of the project. Taking into account the achieved coefficients of the evaluation, the calculated value of the hydrocarbon reserves of “Rosneft” more than twice the current market cap,” notes “Rosneft”.

Rosneft closed the deal to sell 15% “Vankorneft” India’s ONGC for $1.27 billion 31.05.2016

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