Sun Group to take stake in 4 OIL blocks
Khemkas-controlled Sun Group of Russia plans to acquire stake in state-owned Oil India Ltd's four onland oil and gas blocks in India.
By PTI |
NEW DELHI: Khemkas-controlled Sun Group of Russia plans to acquire stake in state-owned Oil India Ltd's four onland oil and gas blocks in India.
Suntera Resources, a 50:50 joint venture between Sun Energy and Russian gas firm Itera, proposes to farm-into two Rajasthan, one Mahanadi and one Assam-Arakan basin blocks held by OIL, official sources said.
Suntera would take 30 per cent stake in Rajasthan, reducing operator OIL's stake from 70 per cent to 40 per cent. The 3507.11 sq km block, which was awarded under the third round of New Exploration Licensing Policy (NELP), has state-run Oil and Natural Gas Corp (ONGC) as the minority partner with 30 per cent stake.
In 2535 sq km Rajasthan basin block, awarded in NELP-II, Suntera will take 40 per cent from OIL to reduce India's second largest oil producer's stake in the block to 60 per cent.
Suntera would acquire 15 per cent stake in Mahanadi basin block (NELP-II block) and 10 per cent in Assam-Arakan basin block.
Sources said, OIL's stake in would come down from 40 per cent to 25 per cent but it remains the operator. Other partner in the block are Indian Oil Corp, ONGC and GAIL with 20 per cent apiece.
Operator OIL's stake would reduce from 30 per cent to 20 per cent after Suntera farms-in. ONGC has the remaining 70 per cent stake.
Sources said the stake transfer would have to be vetted by oil regulator Directorate General of Hydrocarbons (DGH) before the deal was closed.
Suntera Resources, a 50:50 joint venture between Sun Energy and Russian gas firm Itera, proposes to farm-into two Rajasthan, one Mahanadi and one Assam-Arakan basin blocks held by OIL, official sources said.
Suntera would take 30 per cent stake in Rajasthan, reducing operator OIL's stake from 70 per cent to 40 per cent. The 3507.11 sq km block, which was awarded under the third round of New Exploration Licensing Policy (NELP), has state-run Oil and Natural Gas Corp (ONGC) as the minority partner with 30 per cent stake.
In 2535 sq km Rajasthan basin block, awarded in NELP-II, Suntera will take 40 per cent from OIL to reduce India's second largest oil producer's stake in the block to 60 per cent.
Suntera would acquire 15 per cent stake in Mahanadi basin block (NELP-II block) and 10 per cent in Assam-Arakan basin block.
Sources said, OIL's stake in would come down from 40 per cent to 25 per cent but it remains the operator. Other partner in the block are Indian Oil Corp, ONGC and GAIL with 20 per cent apiece.
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Operator OIL's stake would reduce from 30 per cent to 20 per cent after Suntera farms-in. ONGC has the remaining 70 per cent stake.
Sources said the stake transfer would have to be vetted by oil regulator Directorate General of Hydrocarbons (DGH) before the deal was closed.
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