An agreement has been signed by ONGC Videsh Ltd for raising stake in Russia’s Vanok oil field by 11 percent to 26 percent for about USD 930 million.

Last year, OVL, which is an overseas arm of the state-owned Oil and Natural Gas Corp (ONGC), had bought 15 percent stake in the field for USD 1.268 billion. It paid an additional USD 930 million for another 11 percent stake.

The company has said in a statement that the firm and its wholly-owned subsidiary ONGC Videsh Vankorneft Pte Ltd, Singapore “jointly signed definitive agreements with Rosneft, the national oil company of Russia for acquiring additional 11 percent shares in JSC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license.”

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