State-owned oil companies Oil India, Bharat Petroleum and Indian Oil Corp have entered into an agreement to acquire a 30 per cent stake from Russia's Rosneft in Taas-Yuriakh oilfield in East Siberia for about $1.3 billion (about Rs 8,750 crore), as per a stock market disclosure.
The three companies will equally split 29.9 per cent stake that has been acquired in the oilfield, which is currently producing 20,000 barrels per day (bpd) of crude oil and is expected to go up to 100,000 bpd in two years.
IOC, OIL and Bharat PetroResources Ltd (BPRL), a unit of BPCL, will also pay $180 million as their share of future capex, after buying 29.9 per cent stake in Taas-Yuriakh.
At present, Rosneft owns 80 per cent stake while BP Plc (UK) holds 20 per cent in the oilfield through subsidiaries.
The acquisition is, however, subject to board, government and regulatory approvals and is expected to be completed by the end of September 2016.
Meanwhile, they have also inked a heads of agreement to buy 23.9 per cent stake in Vankor oilfield in Siberia from CJSC Vankorneft, a subsidiary of Rosneft.
Vankor is Russia's second-largest oilfield by production and accounts for around 4 per cent of Russian production. It currently produces oil at a peak level of approximately 440,000 bpd.
Besides, the three Indian state-run companies have also signed an MoU with Rosneft for a joint evaluation of certain other assets of Rosneft in Russia.