| ONGC buys 15% stake in Russia's 2nd-largest oil field from Rosneft |
 State-owned Oil and Natural Gas Corp. (ONGC) has bought a 15 per cent stake in Russia's second-largest oil field from Rosneft for about USD 1.35 billion.Sources said that ONGC Videsh Ltd, the overseas investment arm of the state explorer, signed agreements in Moscow to buy 15 per cent stake in the Vankor oil field in East Siberia. The 15 per cent stake will give OVL about 3.5 million metric tonnes of oil a year. They said that under the terms of the agreement, OVL will get two seats on the Board of Directors of Vankorneft - a Rosneft subsidiary that operates the Vankor field. Rosneft will retain full control of infrastructure of the Vankor cluster. Vankor, which started production in 2009, holds recoverable reserves of about 500 million tonnes. OVL already has a 20 per cent stake in the Sakhalin-1 oil and gas field off Russia's far eastern coast and owns Imperial Energy which has fields in Siberia. |
Highlights from the local media of Afghanistan, Bangladesh, Bhutan, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka June 27th, 2016 | Volume: 2 - 17/6 TOP STORIES Afghanistan Still World’s Largest Opium Producer by Far: Report Daily Outlook Afghanistan| 27 th June Afghanistan is by a long way still the world's largest opium producer, accounting for some 70 percent (3,300 tons) of global opium production, according to the United Nations World Drug Report of 2016.Myanmar is the second largest producer of the drug at 14 per cent (650 tons) of global production. According to the UN report, the total value of the illicit opiate economy in Afghanistan was $2.8 billion USD in 2014 — equivalent to 13 percent of the country's gross domestic product (GDP). Maiden joint meeting of Nepal-India EPG next week The Himalayan Times| 26 th June The first joint meeting of the Eminent Persons Group on Nepal-India Relations (EPG-NIR) would be held in Kathmandu on coming Jul...
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