Bharat Petroleum Corporation provides update on subsidiary

Consortium of Bharat PetroResources and others to acquire 23.9% in JSC Vankorneft

Bharat Petroleum Corporation announced that Bharat PetroResources (BPRL), a 100% subsidiary of Bharat Petroleum Corporation (BPCL), and its exploration and production arm, along with Oil India and Indian Oil Corporation, acting jointly as the Indian Consortium, signed definitive agreements to acquire, through a joint venture company formed by their wholly owned subsidiaries in Singapore, upto 23.9% shares of the charter capital of JSC Vankorneft, a company organised under the laws of the Russian Federation, which is the owner of Vankor and North Vankor Field licenses, from Rosneft Oil Company (Rosneft), a National Oil Company of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016.

Rosneft Oil Company holds about 85% shares while ONGC Videsh (through its subsidiary) holds about 15% shares in JSC Vankorneft. Vankor field, located in East Siberia is Russia's second largest field by production and accounts for around 4% of Russian production. In 2015, the Vankor field produced 22 mln tons of oil and 8.71 BCM of gas.

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