Oil India Limited acquires 50% of Cyprus based Russian subsidiary

Oil India Limited has completed the acquisition of 50% shareholding in WorldAce Investments Ltd (WorldAce), a Cyprus-based wholly-owned subsidiary of PetroNeft Resources Ltd (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia.

The total commitment from OIL will be $85 million including $45 million for development capex. The effective date of the acquisition is January 1, 2014."

License 61, located on the eastern side of the Ob river in Russia's oil-bearing Tomsk Oblast region, contains 7 oil fields and over 25 identified prospects and leads. Current daily production from the licence is around 2,100 barrels of oil.

Last month, OIL signed an MoU with Russia's Gazprom for joint pursuit of exploration opportunities across the globe as well as collaborate on liquefied natural gas (LNG).

Source: Energy Sector India

Cyprus Profile

articles | 07 July 2014