Originally, ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), signed an MoU to explore buying a stake in Suzunskoye, Tagulskoye and Lodochnoye fields – collectively known as Vankor Cluster.
Besides, the OIL-IOC-BPRL consortium has taken another 29.9 per cent stake in a separate Taas-Yuryakh oil field in East Siberia for $ 1.12 billion. The investments have taken the total outlay in Russia this year to $ 5.46 billion.
These investments will give India 15.18 mt of oil equivalent. These compare to $ 28.48 billion investment by Indian companies overseas in the past 50 years, leading to about 10 million tonnes of oil equivalent.