Indian firms invest $1.7 billion for stake in Russian Taas-Yuriakh oilfield

NEW DELHI (Reuters) - Three Indian oil firms plan to invest $1.7 billion to pick up a stake in the Russian oil field Taas-Yuriakh, said a source close to the matter.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation , Oil India Ltd and Bharat Petro Resources Ltd, the upstream arm of state-owned refiner Bharat Petroleum Corporation Ltd , will also invest $180 million each as part of future capital expenditures, the source said.

The Taas-Yuriakh field is currently producing 20,000 barrels per day (bpd) of crude oil and is expected to go up to 100,000 bpd in the next two years.

 

(Reporting by Nidhi Verma; Editing by Christian Schmollinger)